The Income Tax (IT) department officials were on Tuesday conducting searches on the premises of leading real estate developer Vamsiram Builders.
The I-T sleuths were carrying out simultaneous searches in Hyderabad and at Vijayawada and Nellore in neighbouring Andhra Pradesh.
About 20 teams of the I-T officials began the searches at the houses and offices of the CEO, managing director, directors, partners and investors early Tuesday.
The searches were on at the offices of the top executive of the company in upscale Jubilee Hills in Hyderabad.
The officials were checking records following complaints of alleged tax evasion. Personnel of Central Reserve Police Force (CRPF) were also deployed to provide protection to the I-T officials.
The searches are likely to continue throughout the day and may even extend to Wednesday.