Hyderabad: The Income-Tax raids on realty major Phoenix seem to be an unending saga with the searches continuing even after a week and are expected to go on for a few more days.
Amidst rumours about the group’s strong nexus with the who’s who in the two Telugu states, top sources told Deccan Chronicle that I-T sleuths had been verifying all the records and diaries found during the raids to elicit information on financial transactions involving politicians and bureaucrats.
The searches have been keeping several bureaucrats on toes as they had extended undue benefits to Phoenix and sources said the I-T department was given mandate to establish the political and bureaucratic nexus with the group.
Sources said the officials found prima facie evidence that intra-subsidiary financial transactions were carried out on a large scale which the officials suspect was done to reduce the tax burden. More than `2,500 crore transactions were carried out in the last two financial years and the amount is likely to be more than `6,000 crore from 2014, sources said.
Shockingly, the I-T officials got inputs that some incriminating documents were stashed in Mahaprasthanam, the burial ground in Jubilee Hills maintained by the group as part of the Corporate Social Responsibility.
The I-T officials conducted searches in houses of people who were even remotely connected either with the management of Phoenix or its employees.
