Big shock to producers of 'Baahubali'. While people are queuing up to ATMs, the Income Tax officials are silently working.
The IT officers raided on the offices and residences of 'Baahubali' producers a while ago.
Yes, the IT officers raided on Sobhu Yarlagadda and Prasad Devineni's offices. The producers recently sold "Baahubali 2" to various distributors for whopping amount and took large sums of money as advance from them. So, the IT people used right time to raid on them.
The producers’ homes were raided allegedly because large amounts of cash of the discontinued Rs 500 and Rs 1,000 currency notes were believed to be hoarded in their homes.
SS Rajamouli’s Baahubali: The Beginning, which released in 2015 in Telugu, Tamil, Malayalam and Hindi, went to become one of all-time biggest grossers in Indian cinema. Starring Telugu superstar Prabhas, the film’s sequel called Baahubali: The Conclusion, is set for a release in April 2017.
In a bid to stop the flow of fake currency in India, the high denomination currency was declared illegal on Tuesday in a shock move by Prime Minister Narendra Modi.
The producers weren't expecting this and they received big jolt.