Rs 166 cr caught IT raids on T'gana big man's benami?

January 14, 2021

A small report appeared in a section of media that the Income Tax department carried out searches on a prominent civil contractor working in Telangana and so far, seized documents evidencing accommodation entries of more than Rs. 166 crore.

According to these reports, the company had also admitted the same in its statement. Further investigations are in progress, the Income Tax department said in a statement.

The development comes after investigation in income tax evasion using bogus sub-contractors and shell entities along with enquiries made relating to entities flagged for providing fake Input Tax credit.

The statement did not reveal who the civil contractor was and how he had made money through bogus sub-contract works.

However, inquiries revealed that the company was based at Begumpet in Hyderabad and was shown as a sub-contractor of a prominent industrialist closer to the Telangana bosses.

The industrialist owns massive real estate projects in city, besides owning cement factories in Telangana and had even entered into media business a couple of years ago.

Apparently, investigations by the Income Tax department released that the black money swindled in execution of a major irrigation project in Telangana was being routed back into the infrastructure and real estate company of the big industrialist.

“The raids by the Income Tax department were a follow-up of a complaint lodged by a Bharatiya Janata Party MP with the Union finance ministry a few months ago,” sources said, adding that more such raids would take place in the coming days to dig out the scams involving big Telangana leaders.