HYDERABAD: After 90 hours, the Income Tax department sleuths on Saturday wrapped up their searches in the residence and offices of BRS MLA over suspected tax evasion. The officials seized a number of documents for further investigation.
Sources said that the I-T officials found log books and copies of agreements heightening their suspicion of unaccounted financial transactions in the LB Nagar 15-acre land development project. The agency suspects a significant financial exchange between a prominent real estate and infrastructure company and the firm jointly operated by a BRS MLA and an MP.
The searches were extended to the residence and office of Madhusudan Reddy, associated with Lifestyle Group. Following two days of investigation at the BRS MLA’s location, the agency seized copies of agreements, bank statements, and development agreements from Madhusudan Reddy’s possession.
Elsewhere, the agency carried out searches at Vishnov Group, a company allegedly involved in transactions linked to the BRS MLA’s firms. I-T officials examined the company’s account details, account logbooks, and payment gateways. Suspicions arose over a potential agreement between Vishnov Group and a prominent real estate infrastructure and development company, which may have also claimed a stake in the LB Nagar 15-acre land.
Reacting to the raids, MLA Shekhar Reddy, who has been active in the real estate business for over 25 years, denied any involvement in overseas mining ventures. He expressed dissatisfaction with the I-T officials, claiming that they failed to discover any irregularities during the searches. Shekhar Reddy said that he was willing to cooperate fully with the I-T officials in their investigation.