IT Raid on real estate businessman G Amarender Reddy
The income tax department conducted the raid on the residence of real estate businessman G Amarender Reddy. During the raid the IT department seized incriminating documents related to the huge cash transactions outside the books.
Mr. Amarender Reddy is a close friend of former chief minister N Kiran Kumar Reddy. Mr. Reddy is the chairman of Gar Corp group. The IT source concluded that the chance of IT private eye from Unit-I of the Directorate of IT (Investigation) reached Reddy’s Nandagiri Hills residence in the morning and began the inspection of documents.
The IT source says that they had collected evidences in form of documents related to the unaccounted income. It involves cash transaction in to several crores.
The source also added that till now no cash is found in the home of Mr. Ready but search is still in process and the exact situation will comes out in a day or two.
Mr.Reddy, who is law graduate, has promoted a number of construction companies which are busy in developing infrastructure for IT companies. He also controls a large number of developed properties in Begumpet, Banjara Hills, Kondapur and other places. He started the Gar Corp in 1982.
The global clients of Gar Corp include HSBC Software Development India P Ltd, GE, Wipro, Lucent Technologies, NCR Corporation and Citibank.
Source: The Indian Express
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