Hyderabad, Sep 24 : Simultaneous searches by the Income Tax (IT) Department at various posh locations in Hyderabad that began early on Tuesday morning are still underway.

Ten teams of IT officials have been conducting searches at various premises in Kukatpally, Banjara Hills, Jubilee Hills, Madhapur, Basheerbagh and other areas since early Tuesday morning and the raids are expected to go on for a few more hours.

The searches are being held at both residential and business premises as part of the investigations into suspected financial irregularities.

The premises of businessman Bolla Ramakrishna, who also runs a television channel, is among the places raided by the IT Department team.

One of the teams searched his residence at Rainbow Vistas Rock Garden in Kukatpally.

A team of eight officers thoroughly searched his apartment and scrutinised documents related to financial transactions.

Ramakrishna is into various businesses including finance, health care, liquor, and real estate. He also heads BRK News Channel.

A team of IT officials is also conducting a raid on the headquarters of a finance company.

The IT raids are part of an investigation into income discrepancies and possible tax evasion. Further details of the IT searches were awaited as the teams are going through mountains of documents.

/IANS