IT sleuths raid Ramky Group, find artificial losses of Rs 1,200 cr

New Delhi: The IT sleuths have raided Rajya Sabha’s MP Alla Ayodhya Ramireddy and Ramky Grp in Hyderabad that has found out detection of artificial losses of Rs 1,200 crore, the IT department has said in a statement.

Ramireddy is YSR Congress Party MP and Ramky Grp is owned by the family of Ramireddy.

During the raids, it was detected that Ramky Grp had wrongly claimed bad debts of Rs 288 crore on account of related party transactions and were set off against profits of the Group. 

Ramky Grp and its associates have now admitted having unaccounted income to the tune of Rs 300 crore and have agreed to pay up the applicable tax, said the I-T department. 

It was during the raids that several incriminating documents in relation to artificial and wrong claims were detected. Many unaccounted cash transactions with the Group associated entities have also been found. 

The IT officers have seized many documents and loose sheets as proof of the wrongdoings. It was detected that Ramky Grp had sold off its majority stake to a Singapore-based entity in 2018-19 fiscal and thereby earned huge capital gains.