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Reddys in trouble for 86cr tax evasion
December, 27th 2010

Income tax sleuths unearthed under-invoicing and tax evasion of around Rs 86 crore by Obulapuram Mining Company (OMC), run by Karnatakas Reddy brothers and also their trusted confidante and state health minister B Sriramulu.

The scam that can further embarrass Karnatakas BJP government is said to have alarmed top guns in the state. The CBI is investigating illegal mining transactions in Andhra Pradesh, where the Reddy brothers have mining business.
According to an internal report of the I-T department, a copy of which is with TOI, the Reddys came under the scanner after the department analyzed the information, documents and case records available in the I-T and sales tax department related to the OMC. The company had evaded Rs 86,42,88,802 during 2007-08 .

Official sources said they found the OMC had entered into an MoU with one-dollar company, GLA Trading International , of Singapore to camouflage the companys income suppression. GLATI, presumed to be named after Janardhana Reddys wife Gali Laxmi Aruna, has offices in Singapore, Dubai and the British Virgin Islands , which is a tax haven . OMCs transactions through the MoU with GLATI are convoluted and devised to evade tax payment in India, assessing officers said in the report.

BSY to publish Gowda and sons misdeeds

Karnataka CM B S Yeddyurappa on Sunday said he would soon release a book containing the alleged misdeeds of JD(S) supremo and former PM H D Deve Gowda and his family. The book would contain details of all cases of corruption and scams, particularly illegal appointments made in Karnataka Public Service Commission during the tenure of Gowdas son H D Kumaraswamy as CM, he told reporters in Hubli. If Deve Gowda so wishes, I will send the book to Parliament, and also the President, PM and the UPA chairperson. Meanwhile, the CM said BJP is considering replacing the deputy chairman of the state Legislative Council with its own candidate as the party has majority in the Upper House.

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