Unaccounted income of more than Rs 2,000 crore was detected in Telangana and Andhra Pradesh during the searches conducted by the Income Tax Department last week, officials said on Thursday, 13 February.
The raids were carried out on 6 February, at firms owned by Telugu Desam Party (TDP) leaders and former Andhra Pradesh Chief Minister Chandrababu Naidu's former Personal Secretary Srinivas Rao. Officials in a statement on Thursday said that they have unearthed a major cash generation racket through bogus sub-contractors, over-invoicing and bogus billing.
Several incriminating documents and loose papers were found and seized during the search, apart from emails, WhatsApp messages and unexplained foreign transactions were also unearthed during the search, said an official release.