Hyderabad: IT Officials Conduct Raids At Vamsiram Builders Offices

IT Officials conduct raids at Vamsiram Builders Offices in Hyderabad  - Sakshi Post

HYDERABAD:  Just a week after the raids on Telangana Minister Ch Malla Reddy’s residence and educational institutions, the Income Tax department on Tuesday morning commenced searches at the promoters' residences and offices of Vamsiram Builders & Developers Pvt Ltd, a prominent real estate company in Hyderabad over IT evasion and other financial irregularities.

The IT officials conducted simultaneous inspections at 15 places across Banjara Hills and Jubilee Hills in the city, including the residence of B Subba Reddy the promoter of Vamsiram Group, who is popularly known as Vamsiram Subba Reddy. They also conducted searches at the house of builder Subba Reddy's relative Janardhan Reddy. Heavy police were deployed at their homes and offices located on Road No 45 in Jubilee Hills.

The searches by the IT officials were also related to the financial transactions and investments by key political leaders of the Telangana ruling party in the company, sources say. The raid on Vamsiram Builders seems to be a part of the series of IT raids on prominent builders in the State of Telangana,  like Suresh Chukkapalli’s Phoenix group, and other prominent infra groups like Sumadhura, Vasavi, and Sahithi Infra Ventures which are allegedly interconnected in relation to the financial investments by several political leaders.

Also Read: Hyderabad: IT Raids At TRS Minister Malla Reddy and Kin's Properties, Including Educational Institutions 

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