Following Narendra Modi's move to demonetize 500 and 1000 bills to combat corruption, Income Tax authorities raided the residences and offices of 'Baahubali' movie producers Shobha Yarlagadda and Prasad Devineni.
Responding to the incident, Telugu producer-director Tammareddy Bharadwaj said that they were being targeted needlessly, and claimed that none of them were involved in any scandals.
Bharadwaj further emphasizes that his fraternity maintains proper documentation for all its day-to-day transactions associated with film releases and distribution. This raid sent ripples across the film industry.
As per reports, the high-engrossing collections of the box office hit Baahubali seems to have attracted the attention of the IT sleuths.
Apart from the raids at Tollywood, the IT authorities also raided traders, jewellery shops, pawn shops and hawala operators as news of profiteering and tax evasion spread.
filed in:Tollywood, Income Tax, IT-Raids, Corruption, Money, Bans, Telangana