On Friday, the Income Tax (I-T) Department was conducting searches in several locations throughout Hyderabad.
As per the latest reports, at least 25 I-T teams were conducting simultaneous searches at various RS Brothers premises, a leading garment and jewelry retailer.
According to sources, searches were being conducted at RS Brothers stores and offices in Ameerpet, Kukatpally, Sanath Nagar, Secunderabad, Mehdipatnam, and other locations in Hyderabad and Secunderabad.
It was said that Officials were also conducting searches at the owners’ residences and the offices of some real estate firms.
Employees were not allowed into the premises while IT officials conducted searches at RS Brothers’ warehouse in Sanath Nagar.
Account department employees assisted the officials in checking accounts and other records on computers.
The I-T sleuths were reportedly scrutinizing the company’s transactions because it is believed to have made investments in the real estate business.
RS Brothers recently invested large sums in the real estate sector and now operates in the sector under the name Honer Homes. In addition, the company intervened in the Gulf Oil land disputes in Kukatpally. The residences of Honer Homes Co-Founders Swapnakumar, Venkateshwarlu, Rajamouli, and Balu Chowdhury are being searched.
Following searches on the Vasavi and Phoenix groups, the IT department is conducting searches at four locations associated with the RS brothers. Transactions involving prime land are under the scanner. The state government permitted a change of land use, which benefited the real estate company.
According to recent reports, raids are also taking place at Big C and LOT mobile stores in Kukatpally. IT officials have confiscated employees’ cell phones and are investigating several hard drives and bank accounts.
Reports also indicated that IT raids are also taking place in the South India shopping mall beginning at 9 a.m.
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