Income Tax sleuths on Monday carried out searches at JC Brothers and Chennai Shopping Mall outlets and reportedly seized incriminating documents.
Both the business establishments are promoted by TDP leader Marri Janardhan Reddy. He had contested unsuccessfully against rebel TDP MLA Nagam Janardhan Reddy in the bypolls.
According to sources, teams from the IT department descended on various offices of JC Brothers and Chennai Shopping Mall this morning and took up searches.
Sources said the sleuths have seized many documents. “We have found some incriminating documents pertaining to purchases of property. It is under scrutiny,” they said. The sleuths are also reported to have found some discrepancy in stocks. “We will get the correct picture after going through the documents,” sources added.
JC Brothers, a registered partnership firm, was set up in 2004. It is promoted by Marri Janardhan Reddy and his family. The firm is in the retail jewellery business with four jewellery showrooms at Ameerpet, Dilsukhnagar, Mehdipatnam, and Kukatpally in Hyderabad and one in Hanamkonda at Warangal.
The Chennai Shopping Mall, a registered partnership firm set up by JC’s promoters in 2009, has three showrooms - Patny Centre, Mehdipatnam and Kukatpally in Hyderabad. The promoters are also into retail sales of ready-made garments.