I-T searches at offices of Ramky group

This is in connection with ED's probe in money laundering case against Jagan Mohan Reddy

The Income Tax Department today conducted simultaneous searches at offices of Ramky Group, a city-based Infrastructure developer, all over the country, according to sources in the IT department.

"The IT sleuths have found some mismatch between sales and purchases and also issues related to advance tax payment. Searches may continue depending upon the cooperation from the company officials," sources told PTI.

Efforts to reach Ayodhya Rami Reddy, chairman of Ramky Group, and other senior officials of the Group for their comments have been futile as mobile phones of the executives were not answered.

Recently, the Enforcement Directorate (ED) had attached assets worth Rs 143.74 crore, including those belonging to Ramky Group, in connection with its probe in the money laundering case against YSR Congress party chief Jagan Mohan Reddy.

"Immovable properties and movable assets worth Rs 143.74 crore under section 5(1) of PMLA are being attached. The properties attached from Ramky Pharma City (India) Ltd are about 135.46 acres of land and deposit of Rs 3.20 crore in mutual funds and fixed deposits for Rs 10 crore from Jagati Publications Pvt Ltd (held by Jagan Reddy)," the attachment order said.

The investigators have been claiming that Ramky had invested in Jagan's businesses in lieu of benefits doled out to them during the YSR regime.

Shares of Ramky Infrastructure were quoted at Rs 89.50 apiece, down 3.87%, before closing at the Bombay Stock Exchange today.