Income Tax officials are conducting searches at 20 locations across Telangana regarding discrepancies in rubber import-export and irregularities in tax payment. Houses of directors, the chairman and the CEO of Excel Group are being searched across multiple districts in the state.
The searches began on Wednesday and are still underway. Apart from searches at the houses of directors, the chairman and CEO, another 10 companies affiliated with the Excel Group are also being investigated by I-T officials.
Searches are underway at the company’s offices in Gachibowli, Madhapur and Bachupally. Four locations in Sangareddy, six places in Narsingi, four companies in Bachupally Dundigal and the Excel headquarters in Madhapur are also being searched.
The huge differences in rubber import and export along with irregularities in tax payments are the reason why the Income-Tax officials are conducting the searches.
The six directors whose houses are being searched are Sirisha Gangaram, Vasudeva Gangaram, Gangaram Manjusha, Gangaram Raghunath Reddy, Shahabuddin Habeeb Syed, and Madhava Reddy Baddevolu.
Searches are still underway at the locations and further details are awaited.
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