Fraud worth of 2K crores unearthed

By Nehru.T Feb. 14, 2020, 10:45 am IST
Fraud worth of 2K crores unearthed

Links leading to henchmen of Naidu

The income tax, enforcement directorate and other sleuths could identify the financial fraud worth of Rs.2,0000 crores in Andhrapradesh after conducting extensive raids of various contractors and VIPs including PA cum PS of former chief minister N.Chandrababu Naidu. The teams have conducted raid on Pendyala Srinivas, who worked as PA,PS of Naidu for more than 20 years and based on the information given by the Srinivas the IT teams have started digging at Hyderabad, Vizag, Pune, Delhi and prima face of involving of hench men of Naidu is strongly suspected.

Finally the IT department has announced that they found financial offences including bogus bills, fake companies and the fraud would be estimated initially as Rs.2,000 crores. Though the statement given by the IT officials didn't mention any names, it  Is suspected that R Srinivasulu Reddy (TDP district president, Kadapa) and Kilaru Rajesh, a close friend of Nara Lokesh and some other infrastructure firms were raided in the past six days.

Ahluwalia , senior income tax official said in that statement said that they conducted search operations in around
40 premises in Hyderabad, Vijayawada, Kadapa, Visakhapatnam, Delhi and Pune . Investigations led to busting of a major racket of cash generation through bogus sub-contractors, over-invoicing and bogus billing, the statement said.
“Several incriminating documents and loose papers were found and seized during the search, apart from emails, WhatsApp messages and unexplained foreign transactions were unearthed during the search,” Ahluwalia said.
The search operations revealed that infrastructure companies had subcontracted work to several non-existent and bogus entities.

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