Hyderabad: Income-Tax sleuths swooped on a Hyderabad-based Infrastructure company reportedly owned by TRS Kukatpally MLA M Krishna Rao’s son, Madhavaram Sandeep Rao. The latter is a director of the Infra company Venkata Praneeth Builders and Developers Limited. The company has undertaken real-estate ventures in most parts of the western corridor.
The I-T officers searched the office premises at Nizampet in Kukatpally and Mallampet. The sleuths of the tax-investigating unit are suspecting large-scale tax evasion in some of the real-estate projects undertaken by the company.
Venkata Praneeth Developers is an unlisted private company incorporated in 2007. The company has seven directors — Venkatasubba Narasinga Rao Kamaraju, Ramanjaneya Raju Pathapati, Madhavaram Sandeep Rao, Kamaraju Bhanu Rekha and others.
The longest-serving directors currently on board are Narasinga Rao and Bhanu Rekha. They have been on the board for around 12 years while the most recently appointed director is Sandeep Rao.
Praneeth Builders have undertaken projects such as villas and apartments in Ameenpur, Beeramguda, Miyapur, Nizampet and Kukatpally. Not too long ago the company’s sister organisation Venkata Praneeth Technologies, owned by Narendra Kumar, launched a cab aggregator service by the name of Prydo in Hyderabad.
I-T sources said that searches are on to find out tax evasion in real estate deals.