IT raids on Madhucon

The income tax department today launched raids on the offices of Hyderabad-based Madhucon group at 18 places across the country. The raids are expected to continue till tomorrow, sources said.

A 20-member team led by an official of the rank of deputy commissioner was conducting searches in the company's head office here at Jubilee hills while searches were also going on in another office in Khammam district where the company owns a sugar mill and other properties.

A Rs 5,000-crore group, which is into construction and other businesses, Madhucon is controlled by Nama Nageshwar Rao. He is said to have cut short his Malaysia visit to come back to Hyderabad following the news of IT raids on his company.