This is the second day in a row that searches have been conducted at the Mythri Movie Makers headquarters because the company is accused of breaking investment regulations by bringing in money from abroad.
IT raids at Mythri Movie Makers headquarters
The Income Tax (I-T) Department conducted searches on Thursday at the homes and offices of director-producer Sukumar and production company Mythri Movie Makers in Hyderabad. The raids are still going on and the entire Mythri Movie Makers are worried.
According to ABP Live, a team of I-T officials from New Delhi also conducted searches at the residences of promoters of Mythri Movie Makers, including Cherukuri Mohan, Erneni Naveen, and Yalamanchili Ravishankar, in Jubilee Hills.
The production house is being investigated for allegedly violating investment restrictions by bringing in funds from abroad twice in less than four months after December 2022. The production house is suspected of having directed funds from abroad and investing in Tollywood to produce several films.
“The production company is accused of disregarding Reserve Bank of India (RBI) regulations by allowing a 500 crore rupee investment from abroad. Additionally, it is claimed to have omitted information about total investments and income sources from their filed Income Tax Returns (ITRs),” said the publication.
Trouble for Puspa 2
Interestingly, these raids are taking place at a time when Sukumar and the production house are engaged in the shooting of Pushap 2. Sukumar, who founded his own production business, Sukumar Writings, is working with Mythri Movie Makers to co-produce the awaited ‘Pushpa: The Rule’, a sequel to the blockbuster ‘Pushpa: The Rise’.
If this continues further, this will cause significant problems for Mythri Movie Makers. Their financial dealings have been described as chaotic. It will take them some time to recover from this.
Mythri Movie Makers produced major blockbusters such as ‘Pushpa,’ ‘Srimanthudu,’ ‘Janatha Garage,’ ‘Sarkar Vari Pata,’ ‘Dear Comrade,’ ‘Waltair Veeraiah ‘Uppena,’ and ‘Veera Narasimha Reddy. ‘Ustad Bhagat Singh,’ starring actor-politician Pawan Kalyan, is also being produced by Mythri Movie Makers.