Hyderabad: I-T officials raid Baahubali producers’ homes for allegedly hoarding old notes

The Baahubali team didn't respond to the reports and further information on the raids in awaited.

By: Express Web Desk | Hyderabad | Updated: November 11, 2016 9:44 pm
Baahubali raid, Baahubali producers raid, IT raid Baahubali, baahubali producers IT raid Baahubali, a fiction film, shook the box office collections worldwide since its release in July last year.

Coming as a jolt to the Baahubali fandom and Tollywood, the Income Tax officials reportedly raided the homes and offices of Baahubali film producers in Hyderabad on Friday.  According to news agency PTI, The I-T department raided the places of producers Shobu Yarlagadda and Prasad Devineni allegedly for possession of at least Rs 60 crore cash of discontinued Rs 500 and Rs 1000 notes. However, the Baahubali team didn’t respond to the reports and further information on the raids in awaited.

If found, this would the first major haul to be obtained by the department after Prime Minister Narendra Modi on Tuesday announced the demonetisation of Rs 500 and Rs 1,000 notes that ceased to be legal tender. However, the government has given time until December 30 to exchange them with new set of notes (Rs 2000 and Rs 500) pumped in by the RBI.

Raids have also been held across all major cities, including Delhi and Mumbai, primarily targeting jewellers and private operator to check on cases of money laundering or for exchange of rupee notes for foreign currencies.

Baahubali, a fiction film, shook box office collections worldwide since its release in July last year. The movie, made on a huge budget of Rs 250 crore, minted over Rs 650 crore becoming the costliest film to be made in the Indian cinema history.

The filmmakers are also making grand promotions for the second part Baahubali: The Conclusion, which is set to release in April next year. With Baahubali virtual reality experience, comic books and animated series starting up, the movie seems to have a lot of money invested in it.

However, the Baahubali team didn’t respond to the reports and further information on the raids in awaited.

Raids have also been held across all major cities, including Delhi and Mumbai, primarily targeting jewellers and private operator to check on cases of money laundering or for exchange of rupee notes for foreign currencies.