HYDERABAD: Income Tax (I-T) Department officials conducted searches for the second day on Thursday at the office of a prominent movie maker and the residence of a popular director. The searches were carried out due to their alleged involvement in funnelling money through the Hawala route during the making of a movie for a period of one year.
Officials conducted the raids based on the leads obtained during a raid in Mumbai. Officials discovered suspicious transactions made by several Mumbai-based companies to a prominent movie-making company in Tollywood.
Officials suspect that the funds raised for the movie and the earnings obtained were utilised to purchase large tracts of land in the Moinabad and Shankarpalli areas. Sources said the movie maker allegedly used the hawala route to pay large sums of money to the director, who then invested it in the construction business.
Officials have identified that the Rs 700 crore received by the Mumbai-based companies from foreign countries had later been moved to Hyderabad’s movie maker’s company through hawala means.
Officials have reportedly collected thousands of documents related to the company, which include details of financial transactions, agreements and other relevant records. Officials have reportedly found evidence of the company’s links to various other entities and individuals involved in financial irregularities.