Sleuths of the Income Tax Department are conducting raids on the city-based Ramky Group of Companies. Ramky Infrastructure, Ramky Enviroengineers are the two flagship companies of the group. Alla Ayodhya Rami Reddy who is the Rajya Sabha MP from Andhra Pradesh is the Chairman of the group. However, he is not a director of any of these companies currently.
The raids are going on at fifteen premises primarily located in CEO Enclave Gachibowli in the city. The raids are also happening on the MP's residence. The department is yet to make a statement about these raids. The companies are executing several projects in Andhra Pradesh and Telangana. But sources say that the companies of the group have reported several losses in recent times.
The department is suspecting fake transactions so as to avoid Tax. There are reportedly hundreds of transactions between the companies of the group which are linked to the MP's family. More details regarding these IT attacks are yet to be known. Authorities already claim to have seized several key documents. The raids are still on at the time of writing this article.