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I-T officials on trail of black money
The Income Tax officials are now seized of the huge amount of money involved in land transactions in the capital region consisting of Thulluru, Tadepalli and Mangalagiri mandals.
- Authorities visiting sub-registrar offices, villages incognito
- Gathering information on cash changing hands
- Reports say that some farmers are resorting to panic selling because of fear that their land may be forcibly seized
Guntur: The Income Tax officials are now seized of the huge amount of money involved in land transactions in the capital region consisting of Thulluru, Tadepalli and Mangalagiri mandals.
According to reliable sources, the officials are visiting the sub-registrar offices and also some villages in the region incognito to monitor the amount of money being changed hands. The officials are reportedly shocked at magnitude of money transactions and reporting them to the higher officials in Hyderabad and Delhi, it is learnt.
With the land prices in the three mandals zooming to Rs 2.5 crore an acre and some big shots pouring in with pots of money, the Income Tax officials have smelt a rat. It is suspected that the realtors had unwrapped the black money for land transactions.
Reports say it that the farmers, fearing that the government would forcibly seize their lands, are willing to sell their lands whoever offers higher price. “The farmers are resorting to panic selling,” according to observers.
Real estate agents even from Tamil Nadu and Karnataka have landed in the three mandals and are busy purchasing lands at the rate between Rs 2 and Rs 2.5 crore an acre.
Meanwhile, some realtors are feeling really panicky over the reports that Singapore architects finding the soil in Thulluru mandals is not suitable to build skyscrapers. But those close to the powers that be do not seem to be worried at all over the reports.
A few tobacco traders in Guntur have also purchased between Rs 10 and 20 acres each in Thulluru mandals. They are trying to ascertain the facts from the influential people over the reports of government may abandon the idea of building capital city in Thulluru mandal.
Apart from it, the news of Income Tax officials gathering information on the transactions of money changing hands has struck fear into the realtors who are operating without political backing.
