Income Tax raids have been conducted at the offices, residences, and properties belonging to Jupally Rameshwar Rao, chairman of My Home Group. IT sleuths have been conducting raids on Rameshwar Rao’s properties since today morning 7 AM. Over 200 income tax officials reportedly took part in the raids and the raids are going on at Rao’s office in Hitec City, his residence at Nandagiri Hills in Banjara Hills.
Amidst severe allegations against Rameshwar Rao and his aides with respect to the TV9 deal, the IT raids have become hot topic in political and media circles.
It can be recalled that TV9’s former CEO Ravi Prakash had made sensational allegations during his exit from the company. He had alleged that the promoters of TV9 were involved in money laundering to the tune of Rs 294 Crore. According to Ravi Prakash, TV9’s original promoter Chintalapati Srinivasa Raju had sold 90 percent of his holdings in Associated Broadcasting Company Limited (ABCL) that runs TV9 to My Home group promoters Jupally Rameswara Rao and Jupally Jagpathi Rao and his associates for a Rs 500 crore deal. Of this Rs 206 crore was paid through cheque but the remaining cash amount was paid through offshore hawala networks, alleged Ravi Prakash.
In the wake of such serious allegations against Rameswar Rao, the IT raids gained significance. Meanwhile, a few TRS leaders have condemned the raids against Rameshwar Rao. The TRS leaders are accusing the ruling BJP of resorting to a “conspiracy” against TRS and its close aides. They allege that this is part of Operation Lotus which is trying to gain strength in Telangana where it recently won 4 Lok Sabha seats.
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