Summary:
VIJAYAWADA: Income tax officers seized more than ?5 crore of unaccounted cash from the offices and properties of real estate company Subhagruha Projects and its associate companies in Vijayawada and Guntur . The sleuths found large scale transactions between Subhagruha and associate companies involving alleged tax evasion. Southern Developers in Vijayawada was one of the company that did huge transactions with Subhagruha, but it was not reflected in the account books. Properties of lawmaker Pothula Ramarao from Prakasam district , who was having business dealings with BMR Group, are also being searched. The offices were raided by the officers on Friday and the search continued to more than a day, till Saturday evening.Concluding the searches, Income Tax officers summoned the promoters of Subhagruha Projects and its associate companies for questioning on October 8 and 9.Officials conducted searches at offices of Subhagruha and associate companies in Vijayawada, Visakhapatnam, and Hyderabad..