Hyderabad: On alleged tip-off of tax evasion, Income Tax sleuths raided the residence and offices of My Home Group of Companies chairman Rameshwar Rao Jupally on Thursday.
Reportedly, the search will continue on Friday as well.
Income Tax sleuths from Bengaluru reached Hyderabad and according to reports conducted raids in five places. Rao’s residence in Nandagiri Hills in Jubilee Hills and the group’s central office at Madhapur was also searched, according to a leading daily.
Rao’s office in Begumpet was also raided in connection with connection to financial transactions between My Home Group and RMZ Corp, a Bengaluru-based real estate company, according to another leading daily.
Rameshwar Rao came into news when he and his fellow aides had lodged a police complaint against former TV9 CEO Ravi Prakash over alleged forgery case. On the other hand, Ravi Prakash had alleged that the promoters of TV9 were involved in money laundering to the tine of Rs 294 crore out of Rs 500 crore closing deal of TV9 sale.