Hyderabad: Hundreds of crores illegally paid through hawala channels…bogus expenses on large-scale….over-invoicing of expenses…manipulating the books for tax exemptions…whatnot…the recent Income Tax flash rides on the properties on Megha Krishna Reddy brought hundreds of crores of illegal transactions into the limelight. Special raids on almost 35 properties of Megha across the country went on for almost six days but the official numbers and properties seized was not stated by the officials.
IT officials have however responded for the first time on the ‘Megha’ raids in an official press release. The officials have confirmed that they have found crucial shreds of evidence regarding the money laundering on large-scale. According to the press note, the searches have revealed hundreds of receipts regarding the payments made to sub-contractors, along with massive illegal bills and Rs 17.4 crores of unaccountable cash.
Surabhi Ahluwalia, Commissioner of Income Tax specified that further investigation is still going on regarding these irregularities, tax evasion and money laundering. However, the press release didn’t directly mention the company name but specified it as a ‘prominent business group ring interest in infrastructure, irrigation, hydrocarbons and power sectors.