The Income Tax officials are continuing their raids on Megha Krishna Reddy and his family members in Hyderabad for over eight days. They checked bank lockers and unearthed huge quantities of unaccounted gold jewelry. These searches took place in bank branches at Jubilee Hills, Madapur and Kavuri Hills. The IT officials seized the jewelry and took it away in boxes. They wrote names of Krishna Reddy, Atchi Reddy and Phani Reddy on the boxes.
Reports say that gold worth several hundreds of crores was seized from the Megha family members. The IT raids are expected to continue for two more days. The officials have also seized important documents from Krishna Reddy’s offices. Further investigations may give officials clues on the involvement of top politicians in the Megha deals.
The non-stop raids and seizure of gold created panic in the ruling TRS leaders in Telangana. They believe that the growing gap between KCR and Modi is the reason for the IT raids on TRS-friedly contractors.