I-T raids on Vamsiram Builders in Hyderabad, Vijayawada
The Income Tax department has been conducting raids on the premises of Vamsiram Builders in Hyderabad and Vijayawada since early Tuesday morning
- City News
NewsTAP Bureau- Updated On:6 Dec 2022 8:47 AM GMT
HYDERABAD: The Income Tax department has been conducting simultaneous raids on the offices and premises of prominent real estate group Vamsiram Builders and Developers Private Limited in Hyderabad and Vijayawada since early Tuesday morning.
According to reports, several teams of I-T officials have been carrying out searches at as many as 15 places. As part of the crackdown in Hyderabad, the residences and offices of Vamsiram Subba Reddy, the group's promoter and Managing Director and his brother-in-law Janardhan Reddy are being raided in Banjara Hills and Jubilee Hills.
Significantly, the I-T department is also searching the premises of two YSRCP leaders in Vijayawada – Gannavaram MLA Vallabhaneni Vamsi and Denineni Avinash. The I-T department is reportedly looking to ascertain the Andhra Pradesh ruling party leaders' investments in the group.
The raids on Vamsiram Builders are speculated to have been prompted as part of the I-T department's trail of investments by a prominent politician from Telangana.
The I-T searches were being carried out with the security cover provided by a heavy posse of policemen, deployed at these places.
