The Income Tax (IT) department on Wednesday conducted raid at Hyderabad-based Kolors Healthcare India Private Limited suspecting them of evading tax. The raid was reportedly carried out in 48 locations across the country including Telangana and Andhra Pradesh. Kolors Healthcare India Private Limited is owned by Vijay Krishna Devula and his partner G Nagachandra Venkata Rayudu. Vijay Krishna Devula is the relative of veteran Telugu actor Raasi.
The officials from the anti-tax evasion department carried out the searches at Kolors Healthcare and seized several documents and a large number of receipts. The firm has its head office in Srinagar and has six branches in the twin cities. There were allegations that the institute has been collecting hefty fees from the clients. The sources say that the documents are being scrutinized and it will take some time before they come to any conclusion.
In Telugu States- Telangana and Andhra Pradesh alone, the searches were conducted in over 22 locations. The officials of the Income Tax Department also conducted a search at the residence and properties of Vijay Krishna Devula and Nagachandra Venkat Rayudu Gollapalli. Their Clinics in Bengaluru and Coimbatore were also searched.
The company, which is into the beauty, weight loss and fitness among other things, is owned by Vijay Krishna Devula and his partner G Nagachandra Venkata Rayudu. The company has clinics across the country and well-known Tollywood personalities have promoted the clinics.
Kolors Healthcare is a limited liability partnership firm and has its branches in Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, and Madhya Pradesh. The firm is registered with the Registrar of Companies, Hyderabad, and it’s head office is in Karkhana in the city.
In Telangana State itself, Kolors Healthcare has 10 branches, including six in Hyderabad. Film actors like Rambha, Madhubala, Charmee amongst many have promoted Kolors.