Rs 46.19 lakh seized after Income Tax raid on a factory

A joint raid was conducted by the police, election officials and income tax officials on a factory in Proddatur town and unaccounted money worth Rs 46,19,200 was seized on Monday evening, officials said.

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.