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IT Raids at Suresh Babu's Ramanaidu Studios
On Wednesday, Officials of the Income-Tax Department conducted simultaneous raids on Ramanaidu Studios in Hyderabad and other premises owned by the popular Tollywood producer Suresh Babu.
An inquiry was also conducted at his residence in Jubilee Hills, Hyderabad. The raid began early in the morning on Wednesday and as per the media reports, officials are going through I-T returns filed by the production house over the last few years, to examine alleged tax variation.
The investigation is expected to continue until Wednesday evening and some documents were also examined and seized by the officials. An official statement regarding this is yet to be issued and further details are awaited.
Suresh Babu is one of the most well-known producers in the Telugu film industry, and he also owns Suresh Production house.
He belongs to one of the most affluent families in Tollywood and is the son of legendary producer Ramanaidu, who founded the production house and produced more than 150 films in many Indian languages.
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