NEW DELHI: Days after marathon searches were conducted on the properties of TPCC working president A Revanth Reddy and his associates by the income tax department, officials have noticed “settlement of land disputes and also grabbing of lands during the course of settlements” as the main source of income for the former MLA from Kodangal.
This has been revealed in a ‘note on search’ prepared by the sleuths which are in the possession of TNIE. During the searches, while `10 lakh in cash was seized from Revanth’s father-in-law Padmanabha Reddy and gold articles weighing around 1.2 kg from the residence of his brother-in-law, sleuths also seized `1.40 crore in cash from KLSR Infratech Limited’s director KL Sreedhar Reddy.
The search that commenced on September 27 was conducted to verify generation of unaccounted income by the way of real estate transactions and utilisation of the same for illegal activities such as, cash-for-vote for which he was arrested in 2015. Interestingly, when Revanth was asked about the video of him allegedly offering `50 lakh to nominated MLA Elvis Stephenson during the cash-for-vote scam, he denied being there for any deal.
Suresh Reddy, who is co-director of Sai Maurya Estates & Projects Pvt Ltd along with Revanth’s brother-in-law, has admitted to `11 crore being his and his wife’s undisclosed income from land dealings. Verification of cash generation through sub-contracts to his brother’s company, Bhupal Infratech Pvt Ltd, which takes up sub-contract works mainly from KLSR Infratech Ltd and Laxmi Transcom Pvt Ltd, payments made towards labour and purchases were found to be inflated. Sleuths found that KLSR is executing several contracts in Reddy’s constituency.
Sub-contracting is done through Tirupati Reddy, another brother-in-law of Revanth. Bogus sub-contracts of the value of `20 crore were found to have been made out from KLSR without supporting documents.
With respect to his alleged bank accounts and assets in Malaysia, officials could not find anything to buttress the charge.