The Income-tax (IT) sleuths raided Telugu Tycoon PV Krishna Reddy properties and residence and guest house in 15 locations in Hyderabad. PV Krishna Reddy is the owner of Megha Engineering & Infrastructure Ltd (MEIL). This raid has come as a shock and IT raided the company’s properties in Delhi and Mumbai.
MEIL is one of the major infrastructure service providers in both Telugu States- Andhra Pradesh and Telangana. MEIL directors PV Krishna Reddy, who is popularly known as ‘Megha’, and Pamireddy Pichi Reddy, are close associates of Chief Minister K Chandrasekhar Rao.
Besides the Telugu states, Megha Engineering & Infrastructure Ltd- MEIL has large power projects in Uttar Pradesh, Jharkhand, Maharashtra, and Andhra Pradesh.
Megha Engineering & Infrastructure Ltd (MEIL) claimed, “IT officials are inspecting our office. Their visit to our offices is a routine process that happens on a regular interval basis. I would like to clarify that it is not a raid or search. It is just a routine inspection They also said , “These are not IT raids or search operations. Every 2 years Income Tax (IT) officials visit the office for a routine inspection and it has been happening for the past 20 years.”
The complete details of the IT raids on Tycoon PV Krishna Reddy properties are yet to be known. It is being heard that the IT officials have seized few documents.