HYDERABAD: The Income Tax Department sleuths conducted raids on the premises of MSN Pharma and its offices located at Sanathnagar and Bachupally and seized several documents. TRS leader Goverdhan Reddy is the owner of the firm while MSN Reddy is its chairman. According to sources, 20 teams comprising IT officials from Hyderabad, Delhi, Chennai and Bengaluru conducted raids on the residences of Goverdhan Reddy, MSN Pharma head office in Sanathnagar and a unit office located at Bachupally. The raids were also conducted at properties owned by Goverdhan Reddy and his family at Gummadidala.
It was found that the management of MSN Pharma failed to submit proper IT returns and concealed details of sources of income. Officials have seized documents and verifying them with the ITRs filed earlier by the management.