Posted On November 12, 2016 By In Entertainment And 885 Views

Baahubali Producers Raided, Allegedly For Hoarding Old Notes

Hyderabad: Film producers, jewellers, big retailers, stock market brokers, big garment showrooms, gold traders, high-profile doctors, corporate hospitals and industrialists have come under the radar of the Income Tax Department, following the Narendra Modi government’s surgical strike on black money. A team of about 25 Income Tax officers in Hyderabad raided the offices and residences of film producers Shobhu Yarlagadda and Prasad Devineni of Bahubali fame on Friday. Several documents and cash totaling about Rs 60 crore is said to have been found at their houses. The IT department, which conducted searches in various parts of the country during the last two days, resorted to raids in the two Telugu states on Friday. The Director General of Customs Intelligence has also issued notices to 15 big jewelers in Hyderabad and asked them to submit the details of transactions of last four days within 24 hours. The DGCI also constituted six teams to conduct raids at various places based on “actionable information.” The department is also keeping a close watch on large deposits in banks and has been monitoring transactions in non-banking financial institutions in Telangana ever since the demonetisation of Rs 500 and Rs 1,000 denomination notes was announced. A top official of the department told The Hans India that traders and persons who had deposited more than Rs 10 lakh during the last two days in the banks have been served notices and explanation has been sought from them on the source of income. The IT department has information that people from Hyderabad, Ranga Reddy, Karimnagar, Warangal and Khammam districts have been depositing huge amounts in banks. The IT department sources said they had deployed teams to every district in Telangana and was closely monitoring the money transactions in banks and non- banking financial institutions. In addition, a hawk eye is being kept on money transactions in the banks located particularly in the posh colonies of Hyderabad and other municipal corporations. The department is said to be having reports that people from outside Telangana are depositing unaccounted money in private banks in benami names. Two private banks in Banjara Hills and Jubilee Hills in Hyderabad on Friday were asked to furnish the full details of the money transactions on Friday. In Nellore, IT officials raided some jewellery shops.


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