HYDERABAD: The Income Tax department officials conducted searches at the offices of Exel Group of Companies at Gachibowli, Madhapur and Bachupally on Wednesday over alleged tax evasion and suspicious foreign investments in the company.
According to sources, around 20 teams conducted searches at 40 locations across the city, including the company’s offices in Gachibowli, Madhapur and Bachupally as well as the residences of six directors — Sirisha Gangaram, Vasudeva Gangaram Reddy, Gangaram Manjusha, Gangaram Raghunath Reddy, Shahabuddin Habeeb Syed and Madhava Reddy Baddevolu.
During the searches, the I-T officials reportedly seized some incriminating documents. They also raided four other firms which are affiliated to the Exel Group. The Exel Group of Companies is into rubber and plastic manufacturing business as well as infrastructure, Information Technology, engineering, healthcare and other sectors.