I-T sleuths conduct searches on real estate firm in Hyderabad

Hyderabad: Income Tax (IT) officials have been conducting searches across multiple locations in Hyderabad since Monday morning. Searches are ongoing at a prominent real estate firm, Swastik Realtor Company.

Extensive search operations are being carried out in several areas, including Banjara Hills, Chevella, and Shadnagar. Simultaneous raids were carried out at the residences of Kalpana Rajendra and Laxman, who were considered to be the key figures in the Swastik Group.

The real estate company recently sold a significant parcel of land in Shadnagar to a multinational corporation (MNC) for a staggering Rs. 300 crores. The IT authorities suspect financial irregularities in the transaction and said the same was allegedly not reflected in the company's balance sheets.

During the searches, the IT officials are examining the financial records and transaction documents at the company's offices. Further details are awaited as the searches are ongoing.