HYDERABAD: Even as the TRS government is racing ahead to complete renovation on Sri Lakshmi Narasimha Swamy temple in Yadadri, realty boom in and around the temple town has come under the income tax (I-T) department’s radar.
The I-T department on Tuesday unearthed shady real estate deals and found a large number of unaccounted cash transactions in purchases of 1,000 acres in Yadadri-Bhuvanagiri district. Yadadri is just 62 km from Hyderabad.
Sleuths of income tax investigation unit of Hyderabad conducted searches on JSR Group SunCity and Spectra Group and found incriminating documents linked to the cash transactions. The searches were conducted in 18 locations in Hyderabad and Yadadri. Some politicians involved in these real estate transactions were also searched by the sleuths.
While the refurbishing of Yadadri temple on the lines of Tirumala is in the final stages and the temple is likely to be thrown open to people in May, the area is now a hot spot for real estate companies and buyers.
The I-T sleuths are looking into transactions of 1,000 acres involving the two real estate firms and as well as others linked to them in Yadadri in the last few years.Jadapalli Narayana, CMD of JSR Group, is a director of JSR Real Estates India Private Limited, SunCity Resorts Private Limited, Jadapalli Ecopolyptech India Private Limited and two other firms.
The sleuths also searched the residence of Beerla Ilaiah, who is Congress in-charge of Alair assembly constituency. The department is probing the land transactions of Ilaiah after he sold some of his land to the two real estate companies.
Searches were also conducted on Spectra India Housing Private Limited, which has taken up land development in Yadadri district. Spectra India is currently doing two major projects — Spectra Divine Galaxy an Spectra Galaxy Gold — in Yadadri.
The sleuths seized documents from Spectra India’s registered office in Habsiguda and JSR Group office at Kothapet.
Searches are on at the offices and residences of company’s directors — Arun Kumar Gampa and Jagan Mohan Mariyala.