What triggered IT raids on BRS MP Prabhakar Reddy; MLAs Janardhan Reddy, Shekar Reddy
The trio are among the richest lawmakers going by their election affidavits. It is known to few that these three besides being partners in a company ‘SLS Group’- properties and developers are also among the major party funders
By Coreena Suares Published on 15 Jun 2023 2:44 AM GMT
Hyderabad: On Wednesday, income tax department sleuths raided three prominent BRS leaders for alleged tax evasion.
Over 50 teams of the IT department searched the properties owned by BRS Medak MP Prabhakar Reddy, Bhongir MLA Sekhar Reddy, and Nagar Kurnool MLA Marri Janardhan Reddy.
BRS Nagar Kurnool MLA Marri Janardhan Reddy partly owns Chennai Brothers and J C Brothers garments stores. BRS Bhongir MLA Shekar Reddy is primarily engaged in real estate ventures based out of Hyderabad and Bengaluru. BRS Medak MP Prabhakar Reddy owns Soni Travels and is also in the real estate business.
The trio is not ordinary legislators of the BRS. They are among the richest lawmakers going by their election affidavits. It is known to few that these three besides being partners in a company ‘SLS Group’- properties and developers are also among the major party funders.
What triggered IT searches against two BRS MLAs and the Medak MP?
On June 10, 2023, M Raghuma Reddy, who identifies himself as State president of Telangana Udyamakarula Ikya Vedika, filed a complaint against the SLS Group and its promoters (BRS leaders) alleging large-scale tax evasion. The resident of the Bhongir assembly constituency claims he is a victim of their alleged tax fraud.
SLS Properties is represented by Managing Director P Vanitha Bhuvanagiri, wife of MLA Sekhar Reddy. The lid blew off when Raghuma booked 928.829 square yards plots in SLS properties. “In total, I booked four plots on June 9, 2023. When I inquired about this venture, I was surprised to know the company was insisting on black money for registering the property for Rs 10.38 crore. The company also insisted that I pay a sum of Rs 35 lakhs via cheque and the remaining in cash. The management was not ready to accept money via transaction”, he told NewsMeter.
Further investigation by the man revealed that SLS properties purchased lands from farmers by assuring them commission besides the purchase amount. However many payments to these farmers are still pending.
“Many customers have purchased plots in these ventures and are awaiting registration. The price per plot is 8 times more than the government fixed value. For example, the market value per square yard in the SLS properties in Bhongir is about Rs 2100. However, they are selling it at Rs 12,500. The company insists that a small amount be paid via cheque and the remaining by cash. Bhongir venture is of 1200 plots across 92 acres. A similar project is coming up in Ghatkesar about 120 acres. Villas are sold at Rs 2.5-3 Crores each. Which is way above the government value” the complainant said.
Raghumma Reddy informed the Station House Officer of Bhongir. They refused to book a case. He mentioned that the company does not give any receipts to the buyers and there is no proof of the payment received. So far the company has sold 3000 to 4000 acres in Yadagiri Bhuvanagiri, Shad Nagar, and Nalgonda districts.
“Over the last 10 years, these leaders have purchased lands from farmers at nominal prices and converted them into ventures, by selling them at exorbitant rates. I also have a documentary and electronic evidence in the form of call records with SLS properties, which I have submitted to the investigating agencies” he added.
NewsMeter possesses the call recordings between Raghumma Reddy and the management of SLS Properties. This is regarding the plot he purchased in SLS properties- its venture SL Prakriti Sikhara venture.
The man claims that the IT searches were based on his complaints, he has also received an acknowledgment for his complaint.
The office of SLS properties is also located in M/s. SLS Developers, SHER WOOD Apartments, 4th A Cross, Kaggadasapura, C.V.Ramannagar post, Bengaluru.
Assets of MLAs
Pailla Shekar Reddy declared Rs 91 crore in his affidavit, he has identified himself as a builder/developer. He has completed a Diploma in Civil Engineering from SES SN Murthy polytechnic college from Khamman. While Kotha Prabhakar Reddy- Medak MP declared assets worth Rs 125 crores in his last election affidavit.
The richest of all is Marri Janardhan Reddy- MLA Nagar Kurnool who declared assets worth Rs 161 crore in his last affidavit. A source in the political circles has revealed the three leaders have turned funders for the BRS party and even to the legislators.
