HYDERABAD: The income-tax department on Tuesday conducted searches on the properties of
YSR Congress Party Rajya Sabha
MP Alla Ayodhya Rami Reddy in Hyderabad. Sources in the I-T department said the searches were conducted to check whether the losses shown by the MP’s
Ramky
group of companies are genuine or not.
The I-T investigation Hyderabad unit conducted the searches at 15 premises located in CEO Enclave,
Gachibowli
. The searches began in the morning and continued till late in the evening. “We are verifying the genuineness of losses shown by the Ramky group of companies linked to Rami Reddy’s family. There are hundreds of transactions among various companies of the group,” said a source in the I-T department.
Ramky Infrastructure, Ramky Enviro Engineers, Ramky Villas Limited, Ramky Farms and Estates are some of the key companies of the group. Rami Reddy is currently not a director in any of the companies. Ramky group has a turnover of Rs 4,500 crore.
Rami Reddy is one of the co-accused in Jagan illegal assets case with the
CBI naming Ramky group as one of the beneficiaries of then YSR government’s land allotments in undivided AP and Rami Reddy investing in Jagan’s companies in quid pro quo deals.
Income
Tax
department sources said that they are looking into how the money that the promoters including
Ayodha Rami Reddy
got from the sale of 60 per cent in Ramky Enviro Engineers has been spent. KKR the global investment firm has purchased the stake with Rs 3630 crore investment.
Meanwhile,
SEBI
has recently sought clarification from Ramky Infrastructure limited June 10 2021 with reference to significant movement in price, in order to ensure that investors have latest relevant information about the company.
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, Location Guesser and Mini Crossword. Spread love this holiday season with these Christmas wishes, messages, and quotes.Sudhakar Reddy Udumula is the Editor (Investigation) at the Times...
Read MoreSudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.
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