Income Tax Dept Probes ₹1,000 Cr Foreign Remittances, Searches 13 Premises in Telangana and Andhra Pradesh

The Income Tax Department has launched an investigation into outward foreign remittances of nearly ₹1,000 crore after searches across Telangana and Andhra Pradesh. The searches, conducted at 13 locations — nine in Hyderabad, three in Visakhapatnam and one in Guntur — are part of a nationwide exercise to verify suspicious foreign remittances flagged through data analysis and field intelligence.

The probe covers transactions involving companies, individuals and suspected shell entities that allegedly sent large sums overseas for services now under verification. The funds were reportedly routed to jurisdictions including Hong Kong, Singapore, the UK, China and Indonesia, with remitters claiming payments were made for services obtained from overseas entities. One Visakhapatnam firm is among those under scrutiny for remitting ₹900 crore.

Authorities are examining whether these remittances were genuine or part of a scheme to move funds abroad. No direct connection to Tamil Nadu has been reported.