Hyderabad:Income-tax (I-T) department officials reportedly seized 40 kg gold and 100 kg silver during searches at the offices of the Crane group and the residence of its chairman G.V.S.L. Kantha Rao.
The raids, held under the suspicion of tax evasion, were conducted in Andhra Pradesh and Telangana.
Sources said the I-T officials verified the income-tax returns (ITRs) filed by the several companies in which Kantha Rao is either chairman or director.
Kantha Rao is the managing director of Virat Crane Industries, chairman of Crane Betel Nut Powder as well as Crane Global Solutions Limited, among others.
