The Income Tax department on Tuesday has raided various offices of Ramky company owned by YSR Congress Rajya Sabha MP Ayodhya Ramireddy. Ayodhya Ramireddy is the Chairman of Ramky Company. However, he is not a director of any of these companies currently.
A total of 15 places, including the Ramky headquarters in Gachibowli, are being raided. Sources say that the department is verifying the losses shown by the group companies of Ramky if they are genuine or not. There are reportedly hundreds of transactions between the companies of the group which are linked to the MP’s family.
Ramky Group is accused in a couple of disproportionate assets cases of Andhra Pradesh Chief Minister YS Jagan Mohan Reddy. The Enforcement Directorate has attached properties belonging ti Ramky Pharma City and Ramky Group under the provisions of the Prevention of Money Laundering Act (PMLA) way back in 2013 in the same case.
The Ramky group was accused of investing Rs.10 crore in Jagan-owned Jagati Publications in the form of buying shares at 35 times premium after Jagan prevailed upon his father, late CM YSR to reduce the green belt area of Ramky Pharma City at Parawada in Visakhapatnam in violation of layout norms from 250 to 50 meters, according to the charge-sheet filed by the ED.
Ayodhya Rami Reddy contested for Narasaraopeta Parliament in 2014 on a YSR Congress ticket but lost the election. He is sent to Rajya Sabha in May 2020 after YSR Congress came to power.
