IT searches on 3 infra groups in TS, AP leads to unaccounted income of over ₹2,000 cr

Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than ₹2,000 crore.

The Income Tax Department had carried out Search and Seizure action on February 6, 2020 at Hyderabad, Vijayawada, Cuddapah, Visakhapatnam, Delhi and Pune covering more than 40 premises.

The search action included three prominent infrastructure groups based in Andhra Pradesh and Telangana.

Investigations led to busting of a major racket of cash generation through bogus sub-contractors, over-invoicing and bogus billing. Several incriminating documents and loose papers were found and seized during the search, apart from emails, WhatsApp messages, unexplained foreign transactions were unearthed during the search.