HYDERABAD: The Earnings Tax division on Tuesday performed searches on the premises of Vasudha Pharma Chemical Restricted in Telangana and Andhra Pradesh.
Groups of IT officers performed simultaneous searches at 50 places in Hyderabad and in neighboring Andhra Pradesh.
The groups started the searches early within the morning at firm headquarters at SR Nagar in Hyderabad. The searches have been additionally on on the premises of Vasudha and sister firms at Madhapur, Jeedimetla and different locations.
The IT officers have been additionally conducting the searches on the residences of the corporate’s CEO, MD and administrators
The officers have been checking the data regarding the corporate’s earnings and the transactions with others. The raids got here following allegations that the funds have been being diverted to actual property enterprise.
Some companies allegedly associated to Vasudha are mentioned to be concerned in the actual property enterprise. This reportedly got here to gentle throughout current raids by the IT officers on some actual property firms.
The premises of Vasudha Chairman and Managing Director M. Venkata Rama Raju, administrators M. Anand, MVN Madhusugan Raju, Prasad Raju have been being searched as a part of the IT raids.
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