The Income Tax raids on Ramky Group on Tuesday came as a big shock to YSRCP leadership.
This is because the Ramky Group is owned by Alla Ayodhya Rami Reddy, the Rajya Sabha member of YSRCP.
Despite heavy competition for Rajya Sabha berth in YSRCP, party chief and Andhra Pradesh Chief Minister YS Jaganmohan Reddy has nominated Rami Reddy to Rajya Sabha in March 2020.
Rami Reddy is considered to be close to YSR’s family. He is also one of the co-accused in Jagan’s illegal assets cases with CBI naming Ramky Group as one of the beneficiaries of YSR government’s land allotments in Undivided AP and in return Rami Reddy has invested in Jagan’s companies in ‘quid pro quo’ deals.
In this backdrop, the I-T sleuths conducted raids at 15 properties in Hyderabad on Tuesday belonging to Ramky Group shocked YSRCP leaders and cadre.
The raids were reportedly carried based on complaints that Ramky Group forged account statements to show losses.
The I-T officials seized records and verifying whether the losses declared by Ramky group companies were genuine or not.
