The first installments of the Baahubali series grossed Rs 650 crore.

Producers of superhit Baahubali raided by I-T dept
news Demonetisation Friday, November 11, 2016 - 18:49

In a move that shocked Tollywood, Income Tax Department officials raided the homes and offices of Baahubali’s producers Shobhu Yarlagadda and Prasad Devineni on Friday afternoon in Hyderabad.

NDTV reported that the producers were allegedly raided because large sums of cash in the form of the discontinued Rs 500 and Rs 1000 notes were believed to be hoarded in their residences.

Other reports also added that there were raids at the Arka Media office in Jubilee Hills.

Following the success of Baahubali: The Beginning, the filmmakers have been busy with the shooting of the movie’s sequel. The franchise is one of the most expensive ones in India and was also one of the most successful blockbusters.

The first installments of the Baahubali series grossed Rs 650 crore, of which, Rs 170 crore was from Andhra Pradesh and Telangana itself.

The Deccan Chronicle quoted a source as saying, "Apart from the huge business of the second part, the producers are minting money from part-1 of the movie. The television rights were sold for a big amount. It seems the I-T officials want to check those accounts...There may be more raids coming on key persons in Tollywood, especially those who distributed the first part of the movie and earned huge profits."

The I-T department has been conducting raids since Thursday in various parts of the country and has targeted jewellery shops and other establishments believed to hold large stores of cash. 

I-T department officials declined to comment on the raids.

 

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