Hyderabad: Income Tax raids continued for the second consecutive day at the houses and offices of realtors and businessmen in the Old City on Thursday.
IT officials conducted searches at multiple locations across the country at the properties and residences of top realtors in the Old City, suspecting large-scale tax evasions.
Searches were conducted on nearly 40 premises linked to Kohinoor Group and Red Rose Group in Hyderabad, Gurugram, Noida and Karnataka.
A team of I-T officials conducted searches on the houses of KM Kohinoor Realtors Private Limited’s Mohammed Quadri Ahmed and Mohammed Amjad at Rein Bazar and their offices at Gudimalkapur.
Similarly, the residences of Red Rose Group promoters Syed Hameedudin, Mohammed Sami Ur Rehman and others at Eidi Bazar were also searched.
A team from the IT department also conducted searches on Crystal Mansion and the residence of Majid Khan, a director of the firm, at Kings Colony. Function palaces owned by the groups were also searched.
The officials were reportedly looking into investments and transactions of the real estate companies with politicians. A large amount of cash was reportedly seized.