Based on a tip-off, Proddatur assembly constituency returning officer Balasubramanyam, DSP Srinivas Reddy and income tax officials conducted raids on Srikar Spinning & Oil Mills situated in Korrapadu road in Proddatur town and seized the unaccounted money.
The police registered a case and investigating further, officials said.
However, there are rumours that the seized amount belonged to TDP nominee from Mydukur assembly constituency P Sudhakar Yadav.
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