Hyderabad: Fresh IT raids ignite fear in real estate traders

Hyderabad: The renewed activities of income tax teams in the state have created a wave of fear among real estate traders who are doing big projects in the twin cities. They are busy improving the details of the projects with the accuracy of their accounts.

Following the Income Tax department’s action against the State Minister Malla Reddy in Hyderabad late last year, several real estate traders and companies were raided on Tuesday recreating fear among the real estate traders of the city.

Companies that are opening offices for the sale of plots in big projects and property cases in the outskirts of the city are being targeted by the Income Tax Department and it is being said that these actions are being carried out only after identifying and obtaining details of companies having unaccounted assets.

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According to sources, this is the second major series of actions after that of the State Labour Minister, in which efforts are being made to get details about political investment. After the action taken against the state government minister in November 2022, the Income Tax Department handed over the details to the Enforcement Directorate and provided them material for further action and investigation following which the income tax conducted raids on Tuesday, it is being said that during the next few days, more real estate traders will be raided in the city by taking massive action.

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