Income Tax authorities swooped on the residence and office of local financier Kandisetty Ramesh, and identified properties worth Rs. 100 crore.

Two-day long raid

The raid, taken up under the supervision of Director-General (Hyderabad) and Vizag-based Additional Joint Director (Operations) of the Income Tax department lasted for two days.

Twenty five officials and staff members formed four teams and raided his Palli Street and Rayala Cheruvu Road premises.

The raids reportedly yielded several documents pertaining to properties, promissory notes and sale deeds of immovable properties.

From a humble bicycle mechanic who set his shop at Krishnapuram Thana junction in the city, Ramesh rose to a big position by lending money, reportedly at high rates of interest.

Apart from political leaders, several professionals in the high income group were among his clientele.

Source: Read Full Article