Hyderabad-based business group raided by I-T dept
Income Tax department authorities on Thursday conducted searches in the residences and offices of prominent industrialist Jupally Rameshwara Rao of Hyderabad-based My Home Group.
While there was no confirmation from the Income Tax department, an employee in the company familiar with the development said the investigators had come to Rao’s residence at Nandagiri Hills in the upscale Jubilee Hills area of the city and the corporate office at Madhapur to verify documents pertaining to various transactions of the company.
“Around 17-18 officials of the department, who arrived in three vehicles, began the searches in the My Home Group office since morning. The searches went on till late in the evening,” the staffer said.
My Home Group, which started as a real estate company, has diversified into various sectors such as construction, cement manufacturing, power generation, consultancy and education. It has an overall turnover of around Rs. 3,300 crore.
Recently, the group also entered into the media sector by acquiring majority stakes in two popular television channels – TV9 and 10 TV in Hyderabad.
The group officials could not be reached for comment.