Income-tax department searches Hayagreeva Infratech office in Visakhapatnam

According to reports, officials of the Income Tax Department officials have been carrying out numerous raids on the premises of Haigreeva Infratech Projects Limited and the homes of its high-ranking executives in Visakhapatnam. Earlier in the month, they searched the office of the real estate group in MVP Colony. On May 17th, a series of raids conducted from dawn until dusk resulted in the confiscation of numerous crucial documents by the IT authorities.

Reportedly, the I-T department's investigation is connected to a past case regarding monetary dealings of Rs 100 crore between the firm and the TDP, both during and after the 2019 elections. As a part of the search operations, the properties of the managing director, directors, and an additional director of Haigreeva Infratech were thoroughly investigated.

The company faced accusations of channelling its finances towards the TDP during and after the 2019 elections, resulting in a cloud of suspicion over their actions. Accusations were directed specifically at the Managing Director of the company, Jagadeeswarudu, asserting that he had redirected approximately Rs 53 crore to the then ruling party during one of the transactions.

Several officials' homes have been subject to searches, and among them are directors Punnam Narayana Rao, Radha Rani Chilukuri, Indra Kumar Chitturi, and Narayana Rao Gunnam, as well as additional director Narayana Srinivas who have been identified.

Initial reports suggest that these assaults are linked to the IT security breaches at Navayuga Infra in Hyderabad that occurred last month. It appears that there is evidence indicating that certain projects were acquired from Navayuga through the fabrication of invoices and the transfer of funds. As of now, there has been no statement made by either the IT authorities or the Hayagriva management. All individuals have a sense of curiosity regarding the future events.

Initial reports suggest that these latest attacks are a follow-up to the IT attacks that targeted Navayuga Infra in Hyderabad the previous month. Apparently, proof has surfaced indicating that certain projects were acquired from Navayuga through the fabrication of invoices and transferring funds. Neither the IT department nor the Hayagriva administration have made any statements regarding this matter. There is a collective desire to know what future holds.

The organization known as Haigreeva Infratech Projects Limited is a privately held entity that was established on July 11, 2001. The company has been actively involved in the manufacturing of machinery and equipment for the past 22 years and is presently operational.

Haigreeva Infratech is a rapidly expanding conglomerate in the sphere of infrastructure progress, with particularly strong advancements in areas such as architecture and construction, travel, water management, electricity generation, and wastewater treatment. It has established a solid track record over the past ten years, earning acclaim for its dependable, cost-effective, and efficient execution of major infrastructure initiatives throughout India.

Next (Integrow AMC aims to raise Rs 1,500 crores with its commercial real estate fund)

Income-tax department searches Hayagreeva Infratech office in Visakhapatnam

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