I-T raids Hyderabad real estate firm's offices across India

HYDERABAD: The Tricolors Properties Private Limited, a real estate firm, came under the scanner of the Income Tax (I-T) department on Wednesday. Simultaneous raids were being conducted on the firm's offices in Hyderabad and across the country.

Several teams of the IT department have been reportedly carrying out the searches at 16 places across the country including Hyderabad, Chennai, Bengaluru and Mumbai. In Hyderabad, five teams of officials are engrossed in searches in about 10 locations including the company's head office in Banjara Hills. It is learnt that a huge amount of cash, the exact details of which were not immediately revealed, was recovered during the simultaneous raids.

Tricolour Properties Private Limited is engaged in property and real estate business across India and even overseas. More details pertaining to the searches and the company are awaited.