I-T raids on RN Shetty's properties in B'lore, Hubli

Income tax sleuths conducted coordinated search operations on business tycoon RN Shetty’s residences and business establishments in Bangalore and Hubli on Thursday. Even his children’s homes were not spared. Simultaneously, around 20 places in the two cities were searched.

Though the I-T officials said the ‘search operation’ was a routine one and was aimed at tallying the books of accounts, sources in the department said “it is politically motivated and some transactions pertaining to a former chief minister and Shetty’s firm had invited the wrath of the department.”

Shetty’s mansion near Mount Carmel College, offices near a five star hotel on MG Road and other places were sanitised. 

In Hubli The Income Tax Department officials raided the offices of R N Shetty Group of Companies on Gokul Road on Thursday, and verified the documents.

Throughout the day, nearly 10 officials of the department, who had come from Bangalore, verified the documents at Murdeshwar Bhavan which includes the offices of RNS Infrastructure Limited, RNS Maruti Suzuki, Murdeshwar Ceramics and Naveen Hotel Limited, owned by R N Shetty.

In another search operation, the IT officials inspected the Murdeshwar Ceramics factory and office located near the Siddharoodhamutt. 

Meanwhile, an official of the R N Shetty Group of Companies said, “Income Tax officials have not seized any documents. Our head office is on MG Road in Bangalore, and this is only the branch office.”
The raids began on Thursday morning and went on till late evening.