Cash Crunch: IT officials raid realtors in Hyderabad, seize crores of black money

Cash Crunch: IT officials raid realtors in Hyderabad, seize crores of black money
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Hyderabad: In the wake of cash crunch, Income Tax Officials raided the offices of real estate traders and seized crores of rupees cash.

According to the reports, Special Teams of Income Tax Dept. raided the office of the partner of Greedhar Constructions, Mr. Sampath Raghupat Reddy located at Prashasan Nagar, Jubilee Hills. In the same manner, IT officials also raided the office of partner of Bhashyam Realtors, Mr. Bhashyam Naveen located at SR Nagar.

In this exercise, Rs. 5.3 crore cash comprising Rs. 500 and Rs. 2000 currency notes was seized.

It may be mentioned that on receiving reports that real estate businessmen were hoarding black money, IT officials were keeping an eye on real estate companies. These realtors had kept huge money in their offices.

Raids on the offices of other small realtors continued till late at night. It is reported that in 2017, Rs. 11 crore unaccounted money was seized.

On being asked whether the cash was meant for using in Karnataka Election, IT officials clarified that these realtors do not belong to any political party.

–Siasat News