(Image source from: News18.com)
IT Dept Raids At Infrastructure Firm In AP, Telangana:- To gather evidence against the directors of city-based infrastructure company GVPR Engineering Ltd, simultaneous raids have been conducted at three locations in Telangana State and Andhra Pradesh, by the Income Tax Department officials on Thursday.
In the names of domestic helps, drivers and watchmen of the company’s directors, the company had allegedly created benami sub-contracts, said the officials. Simultaneous raids in Hyderabad had been conducted and at two locations in AP by three teams, said an official source.
“The raids may continue on Friday and Saturday. So far our teams have been conducting searches for information about the company's directors, including G. Lakshmaiah and K. Venkat Ramana Rao,” the source said.
To investigate the role of the sub-contractors, another team would be deputed, said the source.
Raids Not Related To Deposits Made During Demonetization
“GVPR Engineering Ltd has contracts for government and private projects in the areas of irrigation, roads and buildings, power and infrastructure. It has projects in Odisha, Maharashtra and Karnataka. We are looking into the bank accounts and ledgers of the company. Their bank lockers are yet to be opened. The company recently purchased a property in Jubilee Hills which has an estimated value of Rs 20 crore,” the source an I-T source said.
The raids were unrelated to the company’s activities and deposits made at the time of demonetization, said another source. “Based on credible information, we have been examining the activities of the company for the past two months. We have conducted raids based on the inputs and evidence that we have gathered. Our assessment teams are estimating the total value of the movable and immovable properties owned by the companies, as well as undisclosed amounts. It will take at least three days for this activity to be completed,” the source said. The head office of GVPR Engineering Ltd. is located in Jubilee Hills.
I-T Cracks Down On Moneylenders
By conducting simultaneous raids, the Income-Tax (I-T) department cracked down on 50 illegal moneylenders in Bheemavaram, on Thursday.
The activities of the moneylenders were being monitored since demonetization, and after gathering evidence had decided to conduct the raids, said the official sources. “Special teams were formed to conduct the raids. During the searches at the moneylenders’ houses and places of business, we found that a majority of the moneylenders had other businesses in the areas of aqua farming and real estate,” a source said.
Crores of rupees to people were lent by the moneylenders and demanded high rates of interest from them. “We recommend that the ED book cases against the 50 moneylenders. We recommended that the local police look into loan-recovery gangs,” the source said.