1. Black money crackdown: Office of Baahubali producers Sobhu Yarlagadda, Prasad Devineni raided by IT

Black money crackdown: Office of Baahubali producers Sobhu Yarlagadda, Prasad Devineni raided by IT

The officials raided the offices and residences of Sobhu Yarlagadda and Prasad Devineni.

By: | New Delhi | Updated: November 11, 2016 8:28 PM
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The IT department on Friday raided the residences and offices of  producers of ‘Baahubai’, the biggest ever business-grosser in southern cinema industry. The officials raided the offices and residences of Sobhu Yarlagadda and Prasad Devineni. As per a report, the producers have recently sold the “Baahubali 2” rights to various distributors for whopping amount and expectedly took large sums of money as advance from them. The offices of Arka Media Works, production company of Baahubali, have also been raided. The movie has stood as the all-time top grossing Telugu film and the movie has a rare record one among the top 3 Indian films world-wide. The movie, which was made with a budget of Rs 120 Crore, made collections almost three-times, at Rs 650 Crore gross. Remarkably, these are the first IT raids in the Telugu states.

With the raids being made on Telugu film industry’s one of the leading production houses, the move has sent shockwaves in to the entire industry. The black money crackdown in the entire country was initiated after Prime Minister Narendra Modi announced the abolishment of Rs 500 and Rs 1000 notes on Tuesday. Initially, multiple raids were conducted by the Income Tax department in Delhi, Mumbai and other cities.

The PM, without prior notification, appeared on TV and declared Rs. 500 and Rs. 1000 as illegal tenders. In the televised address, Modi announced a ‘decisive war’ against black money and called for cooperation from people.

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