Hyderabad: I-T raids on Phoenix Group Continues On Day 2

Hyderabad: The Income-Tax officials from Mumbai continued raids linked to the premises of the Phoenix Infrastructure Private Limited for the second day on Wednesday. 

Income tax officials who have conducted searches at 20 places across Hyderabad including the offices of Phoenix group and residences of directors are now said to be searching the Head office of the real estate group in Jubilee Hills. It is reported that 200 IT officials from Mumbai and Hyderabad are on the job to conduct these extensive searches.

The income tax department is looking into suspected tax evasion by the real estate company founded by Suresh Chukkapalli. I-T sleuths are also verifying various land deals involving the company where they have built their ventures. Phoenix  Group has commercial and residential ventures located at Gachibowli, Jubilee Hills, Film Nagar, and Shamshabad. Documents pertaining to the land deals and transactions are being verified and seized.

The searches on the Phoenix Group premises come right after the IT raids were conducted on the Vasavi Group and Sumadhura showing a nexus between the three realty firms. Interestingly the company website phoenix india.net is also down.

Also Read: Hyderabad: After Vasavi Group, IT Officials Conduct Raids On Phoenix Realty