Income-tax raids at JB Infra

Hyderabad: Income-tax sleuths are understood to have detected unaccounted transactions worth over Rs 200 crore at JB Infra projects and its sister concern SV Projects in Hyderabad on Friday.

An 18-year-old real estate firm, JB Infra has developed a wide range of real estate ventures in and around Ibrahimpat-nam and Adibatla on the outskirts of Hyderabad.

Sources in the income-tax department told Deccan Chronicle that a survey was conducted at JB Infra and SV Projects which led the sleuths to a large number of incriminating documents.

The sleuths are understood to have stumbled upon concrete evidence suggesting huge cash payments made for major land deals and unaccounted transactions. Huge cash receipts and duplicate (second set) of books of accounts was also found. The total unaccounted transactions of more than `200 crore was detected and investigation is underway, sources said adding that the survey was conducted by the Hyderabad investigation directorate of income-tax.

JB Infra, which has four managing partners, deals in a wide range of plots, customised housing options, residential investments in fast developing locations in and around the Outer Ring Road.

One of the managing partners, Mr B Manohar Reddy, is also the owner of BMR Sartha convention centre and he reportedly served as a Zilla Parishad Territorial Committee member from 2006 to 2011.

The first project by JB infra was initiated on Sagar Road in the 2001. Among the major projects the firm undertook was a 570-acre project at Ibrahimpatnam.

Among the projects completed by JB Infra are JBs Green Meadows, JB Resorts, Jasmine City while the featured projects are JB Serene City and JB Villas.