Hyderabad: Income tax sleuths raided the office of a real estate firm — Praneeth group — and reportedly seized incriminating documents on Wednesday.
As part of it, the sleuths also searched the house of TRS MLA from Kukatpally Madhavaram Krishna Rao, whose son Sandeep Rao Madhavaram is one of the six directors in the real estate company.
This evening, separate teams of IT officials swooped over the office of Praneeth group and the houses of its six directors. The searches are said to have been carried out following inputs of tax evasion by the firm.
Sources said that the documents seized from the office and residences is under scrutiny. The searches went on till late in the night.
The managing director of the company is Narendra Kumar Kamaraju and the office is located in Mallampet, Dundigal.
Incorporated in 2007, the real estate company boasts of having completed 20 projects within the first 10 years of its inception while more projects are underway.
