Rs 300-cr Black Money Detected After Raids Against YCP MP

The Income Tax Department detected black money amounting to Rs 300 crores following raids against 15 properties owned and operated by YCP MP Alla Ayodhya Ram Reddy.

The unaccounted money is associated with Ramky Group, a Hyderabad-based real estate, construction, waste management, and infrastructure company. Ayodhya Ram Reddy is the chairman of the company.

The I-T Department also identified that the company has indulged in on-paper artificial revenue loss to the tune of Rs 1200 crores, which as per regulations, should have been taxed by assesses.

The company management and its associates admitted to holding Rs 300 crores in unaccounted money. The black money has been unearthed as a part of I-T Department’s search and seizure operation.

It was identified that Ramky group had sold off majority stake to a Singapore-based company in order to amass a large capital gain. Further investigation on the company’s associates is underway.