HYDERABAD: Income Tax sleuths continued their searches on Exel Rubber on Saturday, looking to unearth suspect transactions between the company and other firms.
The I-T department has been conducting raids on the company for the last four days. Congress leader Anirudh Reddy, executive director of Exel Rubber, and his spouse, who is also a director in the company, had their residence searched by the I-T sleuths.
The officials are believed to have uncovered some company documents in which Anirudh Reddy’s name was struck off, and they are now investigating suspect transactions from Exel Rubber to his personal accounts.
The I-T sleuths are also looking into the Rs 500 crore investment from London into Exel, and have summoned Anirudh Reddy to appear before the agency on Monday with details of his business and finances.
In addition to searching Anirudh Reddy’s residence, I-T sleuths also continued searches at the homes and offices of Exel Rubber directors Gangaram Raghunath Reddy, Gangaram Sirisha, Shahabuddin Habeeb Syed, Baddevolu Madhvareddy, Gangaram Manjusha and Gangaram Vasudeva Reddy in Bachupally, Hyderabad.