I-T men seize key papers from Vamsiram Builders

HYDERABAD: Income Tax officials continued their searches at the residences of Vamsiram Builders and Developers managing director Badwelu Subba Reddy and the company’s directors in Hyderabad for the second day on Wednesday.

Sources told TNIE that the I-T sleuths searched at Jubilee Ridge Hotel, located in Madhapur and also at the residence and office of the chairman of a prominent group of hotels. According to I-T sources, Subba Reddy invested heavily in two groups of hotels and was looking after their financial affairs, though he was not a director in either of them.

I-T officials suspect that the money made in Vamsiram Builders was diverted to several firms and hotels. Sources stated that the I-T teams also conducted searches at the office and residence of a former Congress Rajya Sabha member’s son, who is also the son-in-law of a sitting MP from AP. He is a director in a company along with Subba Reddy, they said.

Also on Wednesday, I-T sleuths opened the lockers of Subba Reddy and his wife Jyothi in two banks and found gold ornaments and documents related to their properties.The sleuths found key documents in the locker at his residence pertaining to business agreements made by Subba Reddy with prominent people. They reportedly called a technician to open the locker.

The I-T sleuths seized three bags containing documents from Subba Reddy’s residence and sent them to their office. A team of doctors from Rainbow Hospital reportedly visited the residence of Subba Reddy under the supervision of the I-T official to check the health of his family members as they appeared to have gone through stress. After the medical checkup, the doctors left in a vehicle of the I-T department.