Income-tax officials who raided premises of business tycoon L.V.R. Sivaprasad at Poes Garden on Friday and Saturday said on Monday that they had seized Rs 35.66 crore cash and promissory notes worth Rs 4 crore.
Mr Sivaprasad’s son Vishnu Prasad is married to the daughter of Telugu actor-politician Chiranjeevi. An official release from the I-T department said the cash was kept in carton boxes that were recovered from the house. “The search also resulted in the seizure of many incriminating documents. One of the assesses had admitted that the entire cash seized was unaccounted money,” the press release said.
In New Delhi, Mr Chiranjeevi denied reports that he had a role in the raids. He issued a statement saying: “I’ve no connection with the I-T raids. I appeal to all concerned to uphold good journalistic practices.”