Income Tax department officials are carrying out raids on the properties of Megha Engineering Company Managing Director krishna reddy in Hyderabad. The searches began at his residence this morning and continuing. These raids have come right after MEIL ended up as the sole bidder for Polavaram Reverse Tendering. MEIL bid 750 Crore less to the balance works in comparison with the previous tender quoted by Navayuga.
Officials are suspecting that krishna reddy has not given correct details of his actual income from the huge contracts he bagged in recent years. The IT investigation wing officials are carrying out these searches. Megha krishna reddy is known for his close relations with Telugu CMs kcr and Jaganmohan Reddy. However, MEIL says these are routine raids and there is nothing to worry about for them.
According to a recent survey, MEIL's P Pitchi Reddy with a net worth of 13,400 Crore and MD, PV krishna reddy with a net worth of 12,900 Crore are among Top 99 Richest Indians. Pitchi Reddy and krishna reddy have secured 57th and 63rd spots on the list.
