HYDERABAD: Income Tax sleuths on Monday carried out searches at the offices and residences of the director and marketing CEO of a pharma company at Gachibowli, Nagulapally in RC Puram and Patelguda at Ameenpur.The I-T sleuths conducted the searches on a tip-off that the director and the CEO are very close to a former MP and were supplying huge amounts of cash to spend on the coming elections.
The I-T sleuths verified the recent transactions made by the pharma company marketing CEO. They examined his bank statements and those of the office and marketing department. They also went through the I-T returns for the last two years.The I-T sleuths are understood to have found evidence of tax evasion and irregularities in the maintenance of account books.
Meanwhile, another team of I-T sleuths carried out raids at the residence and farmhouse of a realtor located in Gachibowli and Shamshabad respectively on suspicion of tax evasion. The I-T officials also suspect that the realtor, who is close to the son of a Telangana minister, was pumping money into elections.
During their searches which were ongoing at the time of filing this report, the officials found documents related to real estate business in Chevella, Maheshwaram and Rajendranagar. Sources said that the searches are expected to continue till Tuesday afternoon.