Financial transactions of firms owned by C M Ramesh under I-T lens

HYDERABAD: Income Tax sleuths are investigating several years of financial transactions of Ritwik Projects Private Limited owned by the family of TDP

Rajya Sabha

MP C M Ramesh.

After finding several suspicious deals with companies and subcontractors in the company's 2017-18 accounts, I-T department is examining the statements of its previous years.

On October 12, there were I-T raids at offices and residences of Ramesh and his family-owned companies in Hyderabad, Delhi and

Kadapa

. I-T department has found that around 20 crore worth bills were suspicious and transactions amounting to another 75 crore were not correctly accounted for. Sub-contractors like Edco India Private Limited and a Delhi-based sub- contractor have come under the I-T scanner.

I-T officers suspect bogus expenditure was shown in irrigation projects including Polavaram and Handri Neeva. Money paid to sub-contractors of Ritwik Projects was withdrawn without any work done and diverted to other beneficiaries based in Delhi.

I-T has found links between Ritwik Projects and Edco and suspect there could be connivance. I-T officials found documents showing the company received 12.24 crore from steel suppliers but cash transaction could not be explained. "Another mail attachment showing 7.98 crore cash received from steel suppliers for 2% commission was also found," the report said. I-T sleuths had seized 13 lakh during the recent raids.

I-T scouted documents about expenditure worth 1400 crore irrigation projects in AP, Telangana and other states in the 2017-18 fiscal year.


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