I-T raids realtor Vamsiram Subba Reddy for evading tax

Hyderabad: The income-tax department conducted raids on the offices and properties owned by the real estate group Vamsiram Builders and Developers. The raids began early on Tuesday at about 15 locations in the city and at multiple locations in Vijayawada.

It was learnt that the raids were carried out following allegations of tax evasion by the group in connection with its ventures spread across the city as well as alleged investments in the group from undisclosed sources.

The residences of Vamsiram group’s promoter Vamsiram Subba Reddy, his brother-in-law Janardhan Reddy were raided as well as those of their close associates who own a hotel chain here.

Raids on the hotel chain were conducted on the allegations that it had invested in the group’s projects. The searches continued till late on Tuesday night.

In Vijayawada, the I-T officials raided the properties of Gannavaram MLA Vallabhaneni Vamsi from the YSRC and party leader Devineni Avinash, on the allegations that they had invested in the group’s projects.