30 registered companies in Hyderabad and other areas of Telangana, including BHEL, MIG Ramachandrapuram and Visakhapatnam in Andhra Pradesh, are mentioned in Panama Papers.
Adding to this, after conducting the verification, most of the addresses were found to be ordinary residential houses. For instance, it was found to be an advocate’s residence, when one of the addresses in BHEL MIG phase 2, was verified. “Zhao Zhi Jun”, a China based company is registered with this address. The company is even linked to a British Virgin Islands company.
After conducting a detailed inquiry at the Ministry of Corporate Affairs, even another company named, Rakshana Mines and Minerals Limited, was registered under the same address.
Others areas of Hyderabad like Anandnagar in Khairatabad, Ramkote and Saleemnagar in Malakpet, also have the registered addresses in the companies named in the Panama Papers. These areas in Hyderabad, do not usually host large corporate international companies.
The Panama Papers also named industrialists Koneru Madhu, K. Krishna Mohan Rao, V. Malla Reddy, P. Surender Reddy, M. Kameswara Rao, Jaya Kumar Bhavanasi, Volam Bhaskar Rao, and Moturi Srinivas Prasad, from AP, Telangana and Chennai as having offshore companies.
Mr Prasad, Mr Bhaskar Rao, Mr Madhu and Mr Bhavanasi had earlier said that they hadn’t done anything illegal.
By Phani Ch