I-T searches on premises of Exel Group of companies in Hyderabad

The Income Tax (I-T) department on Wednesday conducted searches on premises of Exel Group of companies in Hyderabad and neighbouring Sangareddy district for alleged irregularities in income tax payment.

About 20 teams of IT officials were conducting simultaneous searches at 18 locations in Gachibowli, Mindspace, Bachupalli, Chandanagar, Kokapet, Babukhan LakeFront villas and other places in Hyderabad.

The teams, each comprising three officials, were also conducting searches at the offices and residences of directors of companies in Hyderabad and also Exel unit at Pashamailaram in Patancheru of Sangareddy district.

The searches began around 6 a.m. and are likely to continue throughout the day. The I-T department launched the searches following complaints of alleged irregularities in income tax payments.

The Exel group of companies is into infrastructure, Information Technology, engineering, healthcare, rubber and plastic manufacturing and other sectors.