IT Department Probes ₹1,000 Crore Foreign Transactions Across Telangana and AP

The Income Tax Department has reportedly launched an investigation into suspected foreign transactions involving around ₹1,000 crore. As part of the probe, IT officials conducted searches at 13 locations across Telangana and Andhra Pradesh. The searches reportedly covered nine locations in Hyderabad, three in Visakhapatnam and one in Guntur. Officials are examining transactions involving countries including Hong Kong, Singapore, the United Kingdom and China.

The department is reportedly focusing particularly on Visakhapatnam-based Stockpile Softtech, in connection with foreign payments estimated at around ₹900 crore. During searches in Guntur, officials reportedly identified suspicious transactions worth approximately ₹130 crore. The investigation is examining whether funds were transferred abroad in the name of providing services. Officials are also reportedly looking into payments made to foreign entities, including those in Indonesia, and possible movement of funds through cryptocurrency, hawala and angadia channels.