Malla Reddy is the second person in chief minister K. Chandrasekhar Rao's cabinet against whom searches by the central government agencies were carried out.
The searches have led to seizure of Rs 58 crore in cash, 32 kg of gold jewellery, diamond and pearl jewellery worth Rs 16 crore and important documents and unaccounted assets worth Rs 300 crore.
Commenting on the I-T raids at the premises of its Chairman, MD and CEO Pawan Munjal and other senior officials, two-wheeler giant Hero MotoCorp said that they have been informed that the I-T searches were a part of a routine inquiry, which commonly takes place before a financial year.
The I-T team has reportedly claimed that it had a doubt regarding tax evasion and is trying to get information on the money transactions of the builder.