Income tax raids on Hoskote MLA's premises

Income tax raids on Hoskote MLA's premises

The income tax officials on Thursday raided the premises of ‘MTB’ Nagaraju (N Nagaraju), the Congress MLA from Hoskote in Bengaluru Rural district.

The I-T sleuths also searched the house of Nagaraju's close associate Nagappa. Nagaraju is a close aide of Chief Minister Siddaramaiah.

Searches were conducted at various premises in Bengaluru and Hoskote, including Nagaraju’s house at Garudacharpalya in Mahadevapura. One of the richest candidates to contest the 2013 elections, Nagaraju had declared assets worth Rs 470.13 crore.

According to the affidavit filed in 2013 before the Election Commission, Nagaraju, had Rs 113 crore deposits in banks and other financial institutions. The affidavit showed capital investment of Rs 15 crore in MTB Estate and Properties in his name.

Affidavit stated that he had given Rs 64 crore personal loans and advances to individuals and various real estate firms. The I-T sleuths were tight-lipped about  the searches. A senior official said that the searches would continue for the next two days.

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