IT raids send shockwaves to Tollywood producers.
Raids on Baahubali producers
Close on heels after the historic decision to ban the circulation of high-value currency notes by government of India, the department of income tax has swooped down into action to crack a whip on those who stashed illegal money through wrong means. As a part of its swift action, the IT department has targeted the producers and financiers of Tollywood. Sending shockwaves to Baahubali producers, IT sleuths have raided various places and found that 60 Crores of unaccounted cash in 500’s and 1000’s denominations has been hoarded illegally. Also, it is learnt that key documents have been seized from one of the producers. It is well known that Baahubali has minted staggering figures at the box office and the forthcoming film in the franchise is being sold for huge prices in all areas. This has drew the attention of IT department and resulted in the sudden raids.
Investigation reveals crucial information
Based on the crucial information gathered during raids, IT officials have decided to make further inroads into the financial dealings of Tollywood big names. They are investigating various financial assets of top producers and financiers. It is learnt that enormous amount is exchanging hands in a 5 star hotel located in the heartland of Hyderabad. So, some of the renowned hotels have come under IT scanner. It is found that many producers are operating their accounts in other big cities like Chennai and Mumbai and declaring minimal assets to evade tax. During investigation, it is found that producers have hoarded huge amounts of unaccounted cash.
Overseas and satellite deals under the scanner
Also, IT department has decided to keep an eagle eye on the overseas deals of big ticket films. It is well known that the market for Telugu films in overseas has improved drastically in the last couple of years. The overseas rights of big ticket films are being sold for whopping prices. IT officials found that the producers are showing nominal figures on paper while the deals range in 10-15 Crores. They have decided to investigate into the details of the overseas rights and satellite rights of big ticket films which account for a considerable part in the profits. Sources revealed that the IT sleuths are making use of latest technology to monitor the transactions and root out the illegal money circulating in Tollywood. Panic had now gripped the entire film fraternity as no one is aware when an IT sleuth knocks their door.
