I-T sleuths raid Peram Group

Visakhapatnam: Continuing the saga of raids on businessmen related to the TD leaders in the city, a team of I-T department officials conducted raids on Tuesday at various offices of real estate firm Peram Group and the residence of its owner Hari Babu. He is a close relative of Gurazala TD MLA Yarapathineni Srinivasa Rao.

At the same time, other teams of I-T officials conducted raids on Peram Group offices in Hyderabad and Tirupati. According to sources, around nine teams from the I-T department raided the company’s head office at Manjeera Majestic Mall in Hyderabad, along with other offices located in Vizag and Tirupati.

I-T officials have been raiding chit fund companies, real estate firms and other business houses owned by high-profile entrepreneurs in the city from Thursday. This information has created panic among other city industrialists.