Realtors under I-T scanner
IT department
Hyderabad: Realtors under Greater Hyderabad limits who allegedly have links with BRS MLAs or their family members have been put under the radar of IT department for not maintaining proper accounts.
The IT department on Tuesday raided the offices of such realty companies, including Pharma Hills, Wonder City, Royal City and Googee Properties in Hyderabad on Tuesday. It is being said that many BRS MLAs or their family members have business interests in these real estate companies. It is alleged that they had failed to provide necessary documents regarding their financial transactions.
Top sources said that a special IT team is probing the activities of realty companies in the posh areas where land rates are high and big housing and commercial ventures were coming up.
The areas include LB Nagar, Kukatpally, Serilingampally, Maheshwaram and Rajendra Nagar Assembly segments. Land parcels acquired by the realty companies were allegedly owned by some ruling party leaders and their close relatives. A thorough search is being done to probe if there is any nexus between the realtors and political leaders and if there was any evasion of taxes.
It may be recalled that sometime back income tax sleuths had conducted raids on some noted realty companies like Rajapushpa Properties (RP), Muppa Projects India Private Limited (MPIPL), Vertex Homes (VH) and Vasudha Homes Private Limited (VHPL) in the first week of February. Officials claim that the companies collect huge money for booking. But it was not shown in the records and was used for other purposes.
Sources said that the probe into the use of the unaccounted money in the construction business and the links between leaders and the realty owners was on and depending on the evidence, they would soon issue summons to the realtors and the leaders and seek their explanation on their investments.
A senior official said that non-filing of IT returns and the diversion of money without maintaining records were the main issues which the IT officials are focussing on for the present.