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This story is from March 24, 2011
IT raids rock Tollywood
Going by the pattern of raids, it seems like the Nag camp is under the IT scanner....
It started off as any other lazy Wednesday morning in the city, till the Income Tax officials swooped down on the residences of stars in Filmnagar, sending the Tollywood fraternity into a tizzy.
And going by the pattern of raids, insiders confirm that it is the Nagarjuna camp that’s under the IT scanner this time.
IT officials raided Nag’s residence on Road Number 48 in Jubilee Hills and Annapurna Studios, his relative Akkineni Venkat’s residence, besides ‘good friend’ Anushka’s house in Journalist Colony.
Also on the Income Tax officials’ radar was producer Shivaprasad Reddy’s house. Reddy’s production house, Kamakshi Movies, is known to make films only with Nagarjuna and his family, and had made two films with Nagarjuna last year alone. Ravi Teja — who takes pride in not belonging to any T’wood camp — was the only exception. His house too was raided.
Residences of these actors in Bengaluru and Chennai have also been raided. Some senior filmmakers blame actors and production houses for IT raids as they inflate profit figures and announce them publicly. “Most often, if a movie collects ` 4 crore, they show it as ` 7 crore. This is perhaps the only industry which inflates its profits and revenues to create buzz about the film. It’s bound to invite IT raids,” a veteran filmmaker said.
And going by the pattern of raids, insiders confirm that it is the Nagarjuna camp that’s under the IT scanner this time.
IT officials raided Nag’s residence on Road Number 48 in Jubilee Hills and Annapurna Studios, his relative Akkineni Venkat’s residence, besides ‘good friend’ Anushka’s house in Journalist Colony.
Also on the Income Tax officials’ radar was producer Shivaprasad Reddy’s house. Reddy’s production house, Kamakshi Movies, is known to make films only with Nagarjuna and his family, and had made two films with Nagarjuna last year alone. Ravi Teja — who takes pride in not belonging to any T’wood camp — was the only exception. His house too was raided.
A source from Income Tax department, on condition of anonimity, said that Nag came under the scanner after he recently built a convention centre in Madhapur. Besides, he has stakes in an entertainment channel and a few restraunts in the city and interestingly, his son Naga Chaitanya charges the same remuneration as his dad! Anushka too bought a new house and invested huge sums of money in property across the state. Ravi Teja, who is rumoured to be charging ` 4 crore per movie, has also been under the scanner for some time.
Residences of these actors in Bengaluru and Chennai have also been raided. Some senior filmmakers blame actors and production houses for IT raids as they inflate profit figures and announce them publicly. “Most often, if a movie collects ` 4 crore, they show it as ` 7 crore. This is perhaps the only industry which inflates its profits and revenues to create buzz about the film. It’s bound to invite IT raids,” a veteran filmmaker said.
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