IT Raids Vasavi Real Estate Group Offices In AP, Telangana

HYDERABAD: The sleuths of the Income Tax (I-T) department on Wednesday, carried out simultaneous raids on the premises  belonging to a prominent real estate company named Vasavi Real Estate Group across Andhra Pradesh and Telangana, in connection with the alleged tax evasion.

Special teams from the I-T department conducted raids at 10 places in the Telugu states, including the company headquarters in Hyderabad. During the raids, which were being conducted since morning, the sleuths seized crucial documents related to their projects.

A team of 20 IT officials is currently searching the Vasavi Group headquarters in Hyderabad and also verifying documents pertaining to  Vasavi Realty, Vasavi Nirman, Shree Mukh Infra Projects, Indmax Infrastructure, and Vasavi Ventures which belong to the company.

There are allegations that they were into constructing large realty ventures and housing projects worth thousands of crores of Rupees, but were committing irregularities in paying income tax, sources said.

IT officials are inquiring about illegal transactions and details about the  Vasavi Group's projects completed so far and projects under construction.

Further details are awaited...