Hyderabad: Income-tax sleuths from the Bengaluru-based anti-evasion wing with supporting staff from Hyderabad and banking experts carried out raids against My Home Group chairman Rameshwar Rao Jupally. Raids were also conducted at the offices and houses of Hetero Pharma officials.
The raids against My Home are in connection with its strategic partner RMZ Corp, a Bengaluru-based real estate company, I-T sources said.
Raids were also conducted at the offices and houses of Hetero Pharma officials.
Hyderabad-based My Home Group and Bengaluru-based RMZ Corp entered into a 50:50 partnership on a project near Hitec City. The first phase of the project, named Skyview, was spread over 3.5 million square feet.
A highly-placed source told this newspaper, “A large team from Bengaluru arrived in the city on Wednesday as the raids were scheduled from 7 am. The source said that raids were likely to continue. No property has been seized.”
He said simultaneously searches were held at the offices and residences of some Hetero Group officials. Details with regard to this set of raids were not available.
The Hetero group was in focus in 2016 when the Enforcement Directorate (ED) that was investigating the alleged disproportionate assets case pertaining to Mr Y.S. Jagan Mohan Reddy had its prosecution complaint (equivalent to a chargesheet) regarding Aurobindo and Hetero Pharma in the designated ED court in Hyderabad.
Mr Rao is the director of 23 companies including My Home Labs Private Limited, AP Gas Power Corporation Limited, My Home Industries Private Limited, My Home Construction Private Limited, My Home Apartments and Villas Private Limited.
The I-T sleuths were probing the money transactions etween My Home Group and RMZ.
Three teams of I-T personnel began a cycle of raids at 7 am at the My Home head office at Hitec City and Mr Rao’s residence in Nandagiri Hills, Banjara Hills. The raids were conducted in the presence of Mr Rao. One of the directors of the group was reportedly subjected to questioning.
Parallel raids were held at offices and residence of the Hetero Group. Invoices and financial statements were under scrutiny in both the cases, sources said.
Bengaluru-based real estate developers RMZ Corp, whose promoters are the famous Menda brothers, Raj and Manoj, entered into a partnership with the My Home Group to develop commercial office space in the city with an investment of over $1 billion in 2017-18.
