Lens on Mourya firm's Rs 10 crore transaction

Hyderabad: The Income Tax raids carried out at 16 premises of Congress working president Revanth Reddy, including his residence at Jubilee Hills, unearthed a suspicious transaction of Rs 10 crore by the directors of Sri Sai Mourya Estate and Projects Pvt Ltd, in which Revanth Reddy, his family and aides hold major shares.  The IT department is “likely” to serve him a notice as the Rs 10 crore transaction is allegedly not under the tax purview.

The Congress working president was questioned for seven hours — three hours on Thursday and four hours on Friday.  On day two, tax men seized Rs 1.45 crore of unaccounted cash from one K. Sreedhar Reddy, a friend of Mr Revanth Reddy. A business connection between the two is, however, yet to be established. Cash amounting to Rs 12 lakh was seized from Mr Revanth Reddy’s father-in-law S. Padma Reddy’s residence and 500 grams (50 tolas) of gold owned by his wife Geetha Reddy.