Income-tax raids export, real estate firms
People allegedly evading income-tax and were suspected to be in possession of disproportionate assets were raided.
VISAKHAPATNAM: Income-tax authorities on Thursday conducted searches on Transworld Garnet India Pvt Ltd (TGI), located at the Vizag Special Economic Zone (VSEZ) at Duvvada. Sources said TGI, a logistics company, was allegedly exporting beach minerals and routing money abroad.
I-T officials also carried out searches on the premises of real-estate and export companies and sand mining companies in and around Vizag and Srikakulam.
Several teams got into 50 vehicles and took off from the office of the deputy director (anti-corruption) located in MVP Colony and spread out in different directions. Sources said TGI is owned by a close relative of former TD minister Devender Goud. The I-T department found irregularities in exports and seized some valuable documents.
The I-T officials seized some documents from well-known chartered accountant K. Murali Krishna in Sector 12 of MVP Colony. Several realtors were targeted apart from Navayuga Constructions. The officers visited GST offices and collected some information.
There was tension amongst real estate traders, export businessmen and also the owners of various jewellery shops. However, none of the I-T officials disclosed the output of the raids in the region.