HYDERABAD: Income tax sleuths raided the residence of real estate businessman G Amarender Reddy here on Thursday and seized incriminating documents pertaining to huge cash transactions outside the book of accounts, it is learnt.
Known to be a close friend of former chief minister N Kiran Kumar Reddy, Amarender Reddy is the chairman of Gar Corp group. IT sources disclosed to Express that a contingent of IT sleuths from Unit-I of the Directorate of IT (Investigation) reached Reddy’s Nandagiri Hills residence in the morning and began scrutinising documents.
“We found major documentary evidence of unaccounted income. It pertains to cash transactions running into several crores of rupees, outside the book of accounts,’’ IT sources said.
They clarified that no cash had been found in his house but the searches continued till late in the night. “A clear picture will emerge tomorrow,” the source added.
A law graduate, Amarender Reddy promoted a number of construction companies engaged in developing infrastructure for IT companies. He also manages a number of built properties in Begumpet, Banjara Hills, Kondapur and other places. He founded Gar Corp in 1982.
Among the long list of his global clients are HSBC Software Development India P Ltd, GE, Wipro, Lucent Technologies, NCR Corporation and Citibank.