The Income Tax (IT) Department, on the 11th of October, conducted raids at the residence of Krishna Reddy, the head of Megha Engineering and Infrastructures Limited (MEIL.)
The search started around 6:00 A.M., on the 11th of October, at the residence, offices and properties of Krishna Reddy in Andhra Pradesh.
Although the IT officials did not give any clarification as to why the raids were conducted, it is said tax evasion by MEIL is the reason.
The searches are said to be based on information by the Investigation Wing of the IT Department regarding tax evasion by MEIL and its owner, Krishna Reddy.
According to sources, the IT officials seized documents and other evidence related to the tax evasion case.
On the other hand, MEIL employees responded and said the IT Department officials are conducting regular inspection and not raiding the properties. They said the IT officials visit and search the properties every two years.
MEIL is the same company which got the contract to construct the most expensive project of Andhra Pradesh, the Polavaram Irrigation Project.
The Yuvajana Sramika Rythu Congress Party (YSRCP) gave the project to MEIL after the Company bid the lowest amount during the reverse tendering process.
The IT officials are still conducting the searches.
Stay tuned for further updates.