The Income Tax officials stated Rs 60 crore black money was found in the raids conducted on Raghava Constructions, owned by Khammam MP Ponguleti Srinivas Reddy. In a statement, the I-T Department said representatives of the Raghava Constructions have admitted that Rs 60 crore was black money. The I-T officials identified that the MP’s firm had evaded payment of income tax by generating duplicate sales bills and diverting sub-contract payments to fictitious bank accounts. Representatives of Raghava Constructions have agreed to pay evaded income tax, the I-T officials stated.
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