Raids on Haigreeva Infratech in Visakhapatnam over alleged funding of TDP in 2019
he searches are being carried out at the real estate group’s office located in MVP Colony since Wednesday for allegedly funding the TDP during the previous elections
VISAKHAPATNAM: Officials of the Income Tax (I-T) Department have reportedly been conducting multiple raids on the office of Haigreeva Infratech Projects Limited and the residence of its top officials in Visakhapatnam. The searches are being carried out at the real estate group’s office located in MVP Colony in the coastal city since Wednesday for allegedly funding the Telugu Desam Party (TDP) during the previous elections.
The I-T crackdown is said to be related to an old case of financial transactions to the tune of Rs 100 crores between the company and the TDP during and after the 2019 elections. The residences of Haigreeva Infratech’s managing director, directors and additional director were among the places being searched extensively as part of the raids.
The company came under a cloud of suspicion for allegedly diverting its funds to the TDP before and after the 2019 elections. Allegations, in particular, were made against company’s Managing Director Jagadeeswarudu claiming that he had diverted funds to the tune of Rs 53 crores to the then ruling party in one of the transactions.
The other officials whose residences have been raided (or searches were being carried out) have been identified as directors Punnam Narayana Rao, Radha Rani Chilukuri, Indra Kumar Chitturi and Narayana Rao Gunnam and additional director Narayana Srinivas.