TIRUPATI: IT officials and police in mufti are raiding properties of a Tirupati-based financier and have, so far, unearthed properties worth over Rs 120 crore. The search which has covered nine locations began on Monday and is still continuing on Thursday.
K Ramesh, alias Palle Veedhi’ Ramesh, who allegedly runs an illegal business evading taxes, has documents of fixed assets worth Rs 250 crore, but not in his name. The accused, who started off small now has a sprawling business and the support of politicians and police, the sleuths said. He was an active member of Praja Rajyam, which later merged with the Congress.
They are now searching the residence of one of his friends who works as a financier. “Apart from having assets worth Rs 120 crore, the financier is also in possession of property documents and signed empty bond papers,” the sources said. Gold and silver have also been seized.
A report will be readied within two days, a source said, adding that the tip-off came from a local.
Documents of at least 100 house site in A Rangampet, Sri Vidyanikethan College area, 17 km away from Tirupati to Puttur road, Managalam, C Ramapuram and surrounding areas have reportedly been seized.
Among the properties is a five-storied building rented out to a hospital, a three-storied building adjacent to Court street and a four storied building near Palli street.