IT raids at industrialist Bolla Ramakrishna Chowdary’s residence in Kukatpally
Hyderabad: Income Tax officers launched a series of raids on September 24, 2024, early this morning at the residence of industrialist Bolla Ramakrishna Chowdary in Rainbow Vistas Apartments, Moosapet, Kukatpally. The operation commenced at approximately 5:30 a.m. and involved eight officers conducting thorough searches of the apartment.
Bolla Ramakrishna Chowdary is known as the founder of a news channel and is involved in various industries, including finance, healthcare, liquor, and real estate.
Ongoing searches are being conducted not only at Bolla Ramakrishna Chowdary’s residence but also at Star Finance offices. During the operation, officials are examining various files related to income transactions as part of their investigation.
According to reports, ten teams have been formed to assist with the inquiry. It has also been reported that all landlines and phones have been seized, and no one is being allowed into the residence.
In addition to Bolla Ramakrishna Chowdary’s residence, raids are being carried out at eight other sites across Hyderabad city.
It was earlier reported that the Income Tax department in Hyderabad conducted extensive searches on pharmaceutical giant Gland Chemicals Private Limited.
The raids targeted multiple locations, including the company’s Jubilee Hills office, directors’ residences, and manufacturing facilities.
The investigation centers around allegations of tax evasion, with authorities focusing on scrutinizing financial records and transactions. B.N. Malleswara Rao, the Managing Director of Gland Chemicals, is among the key figures under investigation, along with five other directors associated with the company.
Gland Chemicals, a stalwart in the pharmaceutical industry since its inception in 1974, specializes in the production of crucial medical components. The company plays a pivotal role in manufacturing anti-cancer drugs, anticoagulants, neuromuscular blockers, sedatives, and antiplatelet agents.
