Hyderabad: Income Tax (I-T) officials seized about 220 kg of gold and a large amount of cash while conducting raids at the residences of Vamsiram Builders and Developers, managing director, B Subba Reddy and his relatives for the third consecutive day, on Thursday.
The IT officials reportedly seized the metal and cash from the lockers in the eight locations spread across the city. The teams also reportedly recovered several land documents from the residence of Janardhan Reddy, son-in-law of Subba Reddy.
22 account books, which supposedly contain the details of hidden cash and transactions related to construction projects, were also seized.
The sleuths of I-T also found details of transactions in hotels and firms, which were started in the last four years, reportedly.
The officials also seized agreement documents, which contained details of sleeping partners who invested money in the Vamsiram Group but weren’t mentioned in the audit report.
I-T officials also tried to recover the emails and messages alleged to be related to suspicious transactions.
I-T officers from Karnataka, AP roped in
The officials have focused on the financial transactions carried out by Jyothi, Subba Reddy’s wife, who is a director in 23 companies during the search operation.
They detected several transactions linked to Subba Reddy’s firms and the accounts of those who are not directors in the group of companies.
The transactions reportedly point to the diversion of funds or for making investments. I-T officials also found that donations had been made to prominent leaders from both Telugu states.
The assessment teams later began weighing gold, assessing the value of lands and that of the other properties which are not covered in the annual returns.
The officials complained of a shortage in the staff required to carry out the operation and hence several officers from Andhra Pradesh and Karnataka were called for searches.