I-T raids on businesses run by RS Brothers Group brothers spill over to Saturday

The sources said that the I-T sleuths suspect that the group maintains two types of accounts, the unofficial account pertains to goods purchased from the black market.
Express Illustration.
Express Illustration.

HYDERABAD: Income-Tax sleuths continued their searches of businesses run by the RS Brothers Group on Saturday on suspicion that two separate accounts were being maintained by the group. According to sources, the I-T sleuths seized accounts books, hard disks and other digital evidence during their searches. Sources said that the sleuths also sought answers from the auditors working for the group of companies. They also cross-checked the accounts with the I-T returns filed by the group.

The sources said that the I-T sleuths suspect that the group maintains two types of accounts, the unofficial account pertains to goods purchased from the black market. Senior I-T department officials refused to divulge any details regarding the raids, saying that it would take some time to analyse and verify the accounts. The officials also said that the group was involved in real estate business and was constructing villas hence they would also take a close look at the purchasers who invested in the real estate ventures.

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