Hyderabad: IT Raids Vasudha Pharma Offices Across AP, Telangana

HYDERABAD: Income Tax officials on Tuesday morning launched raids at 40 locations in Hyderabad and across the States of Telangana and Andhra Pradesh, in the offices belonging to  Vasudha Pharma Chemical Limited and related companies, over funds being diverted from the company into real estate companies.

Around 50 teams from the IT department are conducting searches in the corporate offices, and residences of the chairman and the directors of the pharma company. While two teams are conducting searches in Vengalarao Nagar, four teams are searching their corporate office in Madhapur.

As per reports, the Chairman and Managing Director,  M Venkata Rama Raju is facing allegations that he was also conducting real estate business in the name of Vasudha Pharma Chem Ltd. About 15 companies related to the firm are reportedly in the real estate business by investing the profits from the pharma company.

IT officials have found evidence related to these investments during the raids conducted on several real estate offices. Based on these reports the IT officials have started inquiries into the transactions related to Vasudha Pharma Chem Limited.  Apart from Venkata Rama Raju, the board of directors includes M Anand, MVN Madhusudan Raju, MVSNV Prasad Raju, M. Varalakshmi, K. Venkataraju, G. Venkataramana Raju, Dr. PV Appaji, Kothapalli Srihari Varma whose houses are also being searched and IT officials are investigating the financial transactions of the company.

Also Read: Industry Experts Spell Out Expectations From Union Budget 2023