CBI Unearths Unaccounted Money At Income Tax Official’s House  

Hyderabad: The CBI on Thursday raided the house of Income Tax department officer Boddu Venkateswara Rao alias BV Rao and unearthed disproportionate assets to the tune of Rs2.06 crore which is 212.64 percent in excess of his known income. Searches were conducted at his houses in KPHB and Kondapur in Hyderabad.

The CBI said the officer was indulging in corrupt practices in his official work and received huge amount of bribes from assessees. In the FIR, the CBI alleged, "It has come to be known that a film production company in the name of Saptavarna Creations is owned by Mr Boddu Sujan, the first son of the suspected officer and they produced a Telugu film titled I Am In Love."

Second Son Was Hero

The second son, Boddu Kiran was the hero of 'I am in Love'. It was gathered that Rao had diverted his ill-gotten wealth into the production of the film, the CBI charged.

The CBI said his sons did not have any source of income for producing a film and it was Mr Rao who funded the film. The film made at a cost of Rs 1.8 crore and was released in 2014. About Rs 20 lakh was used for the audio release, advertisement and theatre booking cost, the CBI alleged.

The CBI calculated his income and other receipts from 2010 to 2016 at Rs97 lakh approximately. He had expenditure and other payments to the tune of Rs28.63 lakh and his savings were likely to be Rs 68.38 lakh. Rao had movable and immovable assets valued at Rs2.78 crore as on October 31 in 2016, of which assets amounting to Rs3.9 lakh assets, a house at MIG Kukatpally Housing Board Colony, were owned by him before April 1, 2000, the period checked.

He had assets to the tune of Rs 2.74 core as against likely savings of Rs 68 lakh during the period checked, and the CBI estimated the officer’s disproportionate assets at Rs 2.06 crore.

A case has been booked under criminal misconduct by public servant for possession of assets disproportionate to known sources of income under PC Act, stating that there is prima facie information on the commission of cognizable offence. The CBI alleged that he had invested money in different places in his name and in that of his family.

Assets list

First and second floor at KPHB worth Rs 15.3 lakh

Flat at Tranquil Towers, Kondapur, worth Rs 43.38 lakh

Furniture at flat in Tranquil towers worth Rs 2 lakh

Cost of production of film I Am in Love Rs 1.8 crore

Cost of promoting film Rs 20 lakh

Total Rs2.78 crore

Income

Salary from 2010 to 2016 after I-T, PF: Rs 28.9 lakh

Home loan from HDFC: Rs 32 lakh

Collections from the film: Rs 20 lakh

Rental income from property: Rs 6.12 lakh

Total Rs 97.02 lakh

Expenditure

Domestic: Rs 13 lakh

Interest on home loan Rs 90,000

EMIs paid for loan Rs 11.48 lakh

Registration charges Rs 3.2 lakh

Total Rs 28.63 lakh