Hyderabad: IT raids at RS Brothers over real estate investments

The Income Tax (I-T) Department was conducting searches at multiple stores of the company located across the city on Friday.

Hyderabad: The Income Tax (I-T) department was conducting searches at multiple locations in Hyderabad on Friday. As many as 25 I-T teams were conducting simultaneous searches at different premises of RS Brothers, a leading garment and jewellery retailer.

According to sources, the searches were being carried out at stores and offices of RS Brothers at Ameerpet, Kokatpally, Sanath Nagar, Secunderabad, Mehdipatnam and other places in the twin cities of Hyderabad and Secunderabad.

The officials were also carrying out searches at the residences of the owners and offices of some real estate firms.

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As the IT officials were conducting searches at the warehouse of RS Brothers at Sanath Nagar, employees were not allowed into the premises.

The officials were checking accounts and other records on computers with the help of employees of account departments.

The I-T sleuths were reportedly going through the transactions of the company as it is believed to have made investments in the real estate business.

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