The Income Tax (I-T) department on Wednesday, January 4, conducted searches on the premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district over alleged irregularities in income tax payment. About 20 teams of IT officials were conducting simultaneous searches at 18 locations in Gachibowli, Mindspace, Bachupalli, Chandanagar, Kokapet, Babukhan LakeFront villas and other places in Hyderabad.
The teams, each comprising three officials, were also conducting searches at the offices and residences of directors of companies in Hyderabad and also the Exel unit at Pashamailaram in Patancheru of Sangareddy district. The searches began around 6 am on Wednesday. The I-T department launched the searches following complaints of alleged irregularities in income tax payments. The Exel group of companies is into infrastructure, Information Technology, engineering, healthcare, rubber and plastic manufacturing and other sectors.
Earlier in December 2022, Income Tax department officials carried out searches at the premises of Mythri Movie Makers, a leading Telugu film production house. Teams of I-T officials conducted simultaneous searches at the houses and offices of the top executives of the firm in Hyderabad. The officials were reportedly checking the records of the production company to ascertain if the company paid tax on its income.