IT sleuths raids at Lingamaneni Ramesh's company in Vijayawada

The Income Tax Department officials have carried out raids on leading business Lingamaneni Ramesh's firm, Lingamaneni Ventures. IT officials seem to have seized several key documents and hard disks. Lingamaneni Ramesh is reportedly accused of resorting to insider trading in the capital lands.

IT officers arrived at the LVPL company's office near Benz Circle in Vijayawada at 6 pm. The sleuths have set up security outside the office and questioned the employees and staff of Lingamaneni Ventures.

On the other hand, the AP government in the past has issued notices to the company for illegally encroaching the lands at Krishna river bed. Recently, the Cabinet Sub-Committee in Amaravati also included Lingamaneni Ramesh's name in the report on insider trading charges.