After targeting Bharatiya Janata Party MP Sujana Chowdary, former Telugu Desam Party MP Rayapati Sambasiva Rao and Telangana Rashtra Samithi MP Nama Nageshwara Rao in the last few months, the central investigation agencies have now set their eyes on YSR Congress party MP Alla Ayodhya Rami Reddy.
On Tuesday, sleuths of income tax department began conducting searches in the offices and residences of Ayodhya Rami Reddy, who owns Ramky Group of companies and its associates in Hyderabad.
As many as 15 teams of the Income Tax department have been conducting searches at various offices including their headquarters in CEO Enclave in Gachibowli area in Hyderabad.
According to reports, the I-T raids were being carried out to check whether the losses shown by the group companies of Ramky were genuine or not.
"We are verifying the genuineness of losses shown by the Ramky group companies linked to Ayodhya Rami Reddy's family. There are hundreds of transactions between the companies of the group," a department source told media.
The Income Tax authorities reportedly found that there were huge discrepancies in the transactions done by the company. They also reportedly inspected the details of the advance tax paid by the company.
Ramky Infrastructure, Ramky Enviro Engineers are the two flagship companies of the group.
Though Ayodhya Rami Reddy is the promoter of the company, he is at present not a director of any of these companies.
