HYDERABAD: After conducting raids on realty majors Vasavi Group and Sumadhura, Income Tax department sleuths have begun simultaneous raids on another real estate company- Phoenix Group , in 20 different locations including its Corporate office located on Road No 45 in Banjara Hills, Nanakramguda, and Madhapur, since Tuesday morning here. Phoenix is a corporate conglomerate, which has business interests in real estate, automobiles, power, and mining.

It is reported that 20 teams from Mumbai have descended on the city and are conducting searches in the offices over alleged tax evasion and investments and other financial irregularities.

IT raids are also being conducted in the directors’ residences in the city and also the founder Suresh Chukkapalli’s house in Hyderabad. The company was started by Suresh Chukkapalli (who was earlier part of the LANCO group) around 20 years ago. He is now the chairman emeritus and the current chairman and managing director is Gopikrishna Patibanda. The Directors of Phoenix Infratech (India) include his sons Avinash Chukkapalli, Aakash Chukkapalli, and Mangalam Padmapriya Sridharan, Srikanth Badiga, Satya Srinivas Dammavalam Rao and Gopi Krishna.

As per reports in Deccan Chronicle the raids were being conducted with regards to a transaction between Phoenix and the two companies over a land dealing in Kukatpally. Several politicians, bureaucrats, and celebrities are said to have invested in the company. Incidentally, the raids were conducted three days after Suresh Chukkapalli celebrated his 60 birthday in a prominent hotel in the city where several high-profile people, officials and celebrities attended the event.

Further details are awaited...

Also Read: IT Raids Vasavi Real Estate Group Offices In AP, Telangana