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Irregularities To The Tune Of 100 Crores In TDP MP CM Ramesh Companies

New Delhi: In a fresh discovery after the Income Tax raid on Rithwik Projects Pvt Ltd, a company associated with Telugu Desam Party (TDP) Rajya Sabha member CM Ramesh, it is believed that the company has siphoned off money to the tune of Rs 100 crores. According to an English news daily, Rithwik projects duped Rs 25 crore worth bills while Rs 74 crore was cleared in suspicious transactions.

Following the October 12 IT raids across various premises belonging to the company and residences of the TDP MP, the latest allegations raises eyebrows across the Telugu States.

Based on documents recovered from the TDP leader's residence, the IT sleuths reportedly found numerous transactions between various sub-contractors and the company, which were suspicious in nature.

Over the past six years, EDCO India Pvt Ltd, a company that undertakes sub-contracts, was paid Rs 12 crores in many transactions. However, the IT officials could not trace the company at its registered address, as per a IT department report.

In the name of an accountant named Saibaba, the correspondence to the company was found in the transactions that were found to be dubious.

Also, a discrepancy with respect to a Rs 33 crore bill was found in the company's transactions. Also, payments worth Rs 8.4 crore and cash worth Rs 13 lakh were unaccounted for during the raids in the TDP MP's residence, it is learnt.
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