IT raids in Hyderabad again created a stir. IT searches are continuing on Excel Group of Companies. IT Department officials reached the office of Excel Group in Gachibowli on Wednesday morning and are conducting searches. Income Tax inspections are being conducted simultaneously at 18 places across the country. The Excel Company operations are being conducted across India with Chennai as center. It seems that company has branches all over India. In this order, the raids are being conducted at 18 places simultaneously across country from Wednesday morning. Currently, IT officials are collecting details of all activities related to company, past transactions etc.
In the wake of the news of IT attacks, there is tension among the leading industrialists, the businessmen and the politicians in Hyderabad. They are worried about when Income Tax attacks will happen on whom.
Recently, IT searches in the house of Minister Mallareddy as well as prominent businessmen and business organizations in Hyderabad created a sensation. Income tax officials searched the houses of Mallareddy as well as his family members and close friends for two days. A huge amount of cash and gold jewelery was seized in these IT searches. Around Rs 20 cr in cash, which was not shown in the income tax returns, and a large amount of gold jewelery were seized. Earlier, Income tax and ED raids were conducted in the houses and offices of Minister Gangula Kamalakar and TRS Rajya Sabha MP Gayatri Ravi.