I-T Dept Probes ₹1,000 Cr Foreign Remittances After Searches in Hyderabad

The Income Tax Department has launched a major investigation into outward foreign remittances of nearly ₹1,000 crore following searches across 13 locations in Telangana and Andhra Pradesh, including nine premises in Hyderabad.

The enforcement action is part of a nationwide verification exercise targeting suspicious foreign remittances flagged through data analytics and field intelligence. Officials discovered that funds were allegedly routed to entities in jurisdictions including Hong Kong, Singapore, the United Kingdom, China, and Indonesia under the pretext of payments for services that are currently under verification.

In Hyderabad, investigators searched the premises of a chartered accountant and a company secretary to examine the role of professionals involved in certifying outward remittances. Under Income Tax Rules, certifying professionals are required to verify the taxability of transactions using books of account and supporting documents before issuing Form 15CB certificates.

A primary focus of the investigation is Visakhapatnam-based Stockpile Softech Solutions Private Limited, registered at Marikavalasa Junction. Tax authorities are scrutinising overseas remittances of around ₹900 crore linked to the firm and conducted searches connected to its directors, Deepak Nambaru and Madhava Ram Ponapalli.

In Guntur, searches linked to Chinna Venkata Subramanyam Dama of Arundelpet uncovered 15 certificates related to transactions worth ₹130 crore that have come under scrutiny. Several entities examined during the verification were found to be non-existent.

According to tax officials, the nationwide exercise commenced on August 18 following an earlier probe into fictitious charitable trusts used for accommodation entries through bogus donations. Subsequent data analysis revealed that multiple entities transferring substantial sums abroad were either non-filers of income tax returns or declared minimal turnovers that did not match the volume of overseas transfers.

The stated purposes for the payments included software imports, freight services, and consulting services. In several instances, entities were not operating from their registered addresses. The nationwide exercise currently encompasses 394 entities, including 117 in land border states, alongside 36 professionals.