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Hyderabad: IT officials search offices of Ramky group
Sleuths of the Income-Tax department on Tuesday morning conducted searches of YSR Congress Rajya Sabha MP Alla Ayodha Rami Reddy's 15 properties, primarily located in CEO Enclave, Gachibowli
Hyderabad: Sleuths of the Income-Tax department on Tuesday morning conducted searches of YSR Congress Rajya Sabha MP Alla Ayodha Rami Reddy's 15 properties, primarily located in CEO Enclave, Gachibowli.
The department took up searches to check whether losses shown by the Ramky group of companies linked to MP were genuine or not.
The genuineness is being verified because there are hundreds of transactions between the group companies and they need to be verified for authenticity.
Ramky Infrastructure and Ramky Enviroengineers are two flagship companies of the group, but Reddy is not a director of any of these companies.
However, the IT searches on the MP have raised many eyebrows because it is believed in political circles that the MP is very close to AP CM Jagan Mohan Reddy. He was a co-accused in Jagan's illegal assets cases.
The CBI had also named him for investing in Jagan's companies in quid pro quo deals during the YSR government in undivided AP.