The Income Tax officials raiding actors and film producers created ripples in Telugu Film industry on Wednesday. But, the raids were not just confined to film celebrities but they also search operation at residence and offices of Kukatpally TRS MLA Madhavaram Krishna Rao, whose son Sandeep Rao Madhavaram is one of the six directors in the real estate company. The IT searches are said to have been carried out following inputs of tax evasion by the firm. Income tax (IT) sleuths raided the office of a real estate firm, Praneeth group, and also seized incriminating documents on Wednesday.
Income Tax (IT) officials on Wednesday conducted searches Kukatpally TRS MLA Madhavaram Krishna Rao’ residence and office. The income tax officials conducted the searches in connection with Praneeth Homes Company’s financial transactions in which the MLA’s son Sandeep Rao is continuing as one of the Director. The separate teams of Income Tax (IT) officials swooped over the office of Praneeth group and the houses of its six directors.
The sources say that Income Tax officials have seized several key documents related to the transaction of properties and lands done by the construction company. The IT searches went on till late in the night. The searches at the residence and offices of TRS MLA Madhavaram Krishna Rao’ raised a debate among local public and in political parties.
The MS of the company is Narendra Kumar Kamaraju and the office is located in Mallampet, Dundigal.
We have already reported that the Four teams of the Income Tax (IT) department have raided Suresh Babu’ Ramanaidu Studios in Film Nagar on Wednesday. The IT official raided Suresh Babu’ house and office of the Suresh Productions near Apollo Hospitals in Jubilee Hills in the early hours of Wednesday.
The IT officials also conducted the raids on Natural Star Nani, noted production houses like Haarika Haasine Creations, Sitara Entertainments.