The Income Tax Department conducted searches at 30 locations of a prominent business group in Hyderabad on Friday.
The department, without mentioning the name of the firm, said that it is a prominent business group which has an interest in infrastructure, irrigation, hydrocarbons and power sectors.
According to media reports, the searches were made by a team from New Delhi.
During the search operation, the department seized unaccounted assets worth Rs 17.4 crore.
“Evidence of illegal payments through hawala channels running into hundreds of crore have also been found,” an official said.
Evidence of large-scale bogus expenses, over-invoicing of purchase and sub-contract expenses have been seized.