Tirupati: Income Tax officers conducted raids at the house and offices of Kandisetty Ramesh, a financier and follower of MLA Sugunamma. The IT team raided several properties of Ramesh at the same time. The IT officers also conducted searches at the house of a bank employee Srivani, who is a close follower of Ramesh.

A team of 30 officers divided into five teams performed the search operation. A huge amount of cash, gold and silver were seized in the operation, sources said.

The officers also learned that the properties were Benami and finance business was being run in an illegal way. By end of Tuesday, nearly Rs 30 crores was seized and the raid continued on Wendesday too. Speculation is rife that the black money of Tirupati landlords are being managed by Ramesh.

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It's worth mentioning that Ramesh played a key role in Prajarajyam party which was floated by Telugu megastar Chiranjeevi. Ramesh started his finance business with the help of a party leader from Tirupati. The IT officers also initerrogated a former councillor and a close relative of a film producer who played a major role in PRP, it is learned.

The officials are investigating the relationship between Ramesh and the party leader. According to reports, Srivani became the talk of the town since her house was searched by the IT department. The details of illegal properties is likely to be announced on Wednesday.