Hyderabad: IT raids continue, properties of Shahnawaz Khan, Syed Akhtar unearthed

Hyderabad: The Income Tax Officials continued their raids on the second day in Old City on 26th October. They unearthed unaccounted assets, fake companies and tax evasion. This unexpected action bewildered many political leaders. It is expected that many more facts would come to limelight.

IT Officials seized fake documents from the house and office of Shahnawaz Khan which revealed business terms with noted jeweler Sukesh Gupta. Gupta sold gold worth Rs. 25 crore to fake company Senu Gold.

This fake company gave a huge amount as loan to another fake company, Kings Radio Exim Private Limited floated by Shahnawaz Khan. This was a fake transaction in which no amount was fixed.

Shahnawaz Khan has valuable properties at Road No. 12 Banjara Hills, Gudimalkapur and Syed Ali Guda.

With the IT raids in Old City, many questions arise. Those who claim to be the representatives of the poor do not pay attention to their economic development. Those who are presumed to be the close confidants of the political leaders have become millionaires overnight. This money could have been used for the benefit of the poor instead of instituting fake companies to take false loans.

This only shows that they lead luxurious lives at the cost of the poor. IT officials seized imported cars worth crores of rupees.

Asst. Director of Investigation of IT Dept., Mr. Shakir Husain searched the houses and marriage halls of Shahnawaz Husain. He also raided the house of Syed Akhtar who is a real-estate businessman. At Syed Akhtar’s house which is located at Towlichowki it came to be known that Rs. 56-60 crore worth taxes were evaded. However, he promised that he would pay the Income Tax.

He runs a company by name S.A. Developers. He made plotting of the lands around Towlichowki area.

IT officials also raided the office of another real estate businessman, Venkateshwar Reddy who runs Yogender Real Estate at Vijayawada. This businessman took a cheque worth Rs. 10 crore in the name of his driver. This amount was obtained by selling the lands.

—Siasat News