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IT raids: Rs 55 crore seized from Magunta Group of companies - Tv9

Mon, Dec 10, 2018, 07:59 AM
One the second day, the Income Tax officials continued raids in Balaji Group of Companies in Chennai owned by TDP leader Magunta Srinivasulu Reddy. The I-T sleuths seized Rs 55 crore worth of cash, gold ornaments and other valuable documents. Raids were conducted due to the difference in payment of tax and tenders executed. Apart from Balaji Group, the I-T officials raided the offices of seven other companies in Chennai on the allegations of evading tax. The TDP leaders alleged that the BJP government at Centre is using I-T department to raid companies owned by TDP leaders.
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