The Income Tax Department on Thursday raided the residence and offices of My Home Group of Companies chairman Rameshwar Rao Jupally after it got a tip-off on alleged tax evasion.
In the pre-planned searches, teams of I-T officials from Bengaluru reached Hyderabad and reportedly conducted searches at five places, including Mr. Rao’s residence at Nandagiri Hills in Jubilee Hills and the group’s central office at Madhapur.
Searches were also conducted at his office in Begumpet in connection with the financial transactions between My Home Group and a Bengaluru-based company, which joint ventured a real estate project there (Bengaluru), sources said. “The I-T teams were tallying those transactions and records,” they said.
It is also learnt that the raids will continue on Friday too.
Published - July 04, 2019 10:36 pm IST
