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I-T Department raids real estate firm

HYDERABAD: Assets worth Rs. 4 crore were detected by the Income Tax Department in searches on premises of a real estate firm at Hyderabad and Visakhapatnam on Wednesday. A departmental press release said the search resulted in seizure of unexplained cash of Rs. 2.20 crore at Visakhapatnam. It was kept ready for purchase of land in that city. Further searches at residences and business premises of those running the firm at Hyderabad led to disclosure of Rs. 1.70 crore in bank lockers. –Special Correspondent

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