HYDERABAD: Income Tax officials on Thursday conducted searches in the offices and residence of Ponnapula Sanjeeva Prasad alias “Goldstone Prasad” and his brother PS Parthasarathy at Hyderabad and Delhi. The simultaneous searches were conducted at 14 locations across two cities. In Hyderabad, searches were conducted at his residence in Banjara Hills and offices at Cherlapally, Madhapur and Secunderabad areas.
Based on alleged irregularities in IT returns filed by the companies prior and post demonetisation, sleuths reached the locations and verified the documents suspecting money laundary using shell companies and benami entitites for land transactions.
Officials reportedly collected some documentary evidence suggesting a further probe. It may be recalled that Prasad’s brother Parthasarathy was recently arrested and chargesheeted in the Miyapur land scam worth approximate `680 crore. Some revenue officials were also arrested by the Telangana police for their involvement in fraudulant transfer of lands. Searches are likely to continue for another day, said sources.