I-T raids on 'Bahubali' producers

The officials of Income Tax (I-T) department have raided the homes and offices of producers of Rs 650-crore grosser film 'Bahubali - The Beginning'.

Raids were conducted on the residences of the film producers Shobu Yarlagadda and Prasad Devineni along with Arka Media office on Friday evening.

The department has planned these coordinated searches after receiving a tip-off from an insider over the business deals pertaining to the upcoming movie sequel 'Bahubali - The Conclusion' by the producers, sources said.

The first part of the movie had been successful in several Indian languages, encouraging the producers to go for a sequel, which is set to release in April 2017 across the world.

 

The I-T raids were being held in different cities of the country including Hyderabad, Mumbai and New Delhi soon after Prime Minister Narendra Modi has announced ban on high denomination currency notes in a bid to eliminate the black money.

The I-T officials initially raided the residences and offices of jewellers and foreign exchange dealers. This is the first raid at the office of a film producer after the ban on high denomination notes was announced.