The Hyderabad-based RAMKY group founded in 1994, is under probe by various investigating agencies, including Central Bureau of Investigation. The earlier investigations relate to disproportionate assets case of Y.S.Jagan Mohan Reddy, Chief of YSR Congress Party and son of former chief minister, Y.S.Rajasekhara Reddy. Jagan is now lodged in jail facing various cases.

Recent massive Income-Tax (I-T) search on offices and other premises of the Ramky Group started early on Thursday morning concluded on Friday. In the city, about 100 I-T sleuths were engaged in the search operations held across four offices. While speculations were rife about the search being conducted post a tip-off on misappropriation of funds by the group, officials of the department on Thursday maintained it was "only a routine procedure"

The infrastructure major RAMKY group declared assets worth Rs 150 crores. The company will now have to pay the required tax on this amount. This apart, I-T sleuths part of the nation-wide operation said, other important documents pertaining to the city-based firm's incomes had also been seized during the search. These papers will be put under scrutiny over the next few days.

"We are not in a position to say anything more than this," an I-T official said. The operation simultaneously held across 20 offices and residences of Ramky's top brass located in various parts of the country, concluded at 11 am on Friday, sources said. Along with Ramky employees, even the premises of sub-contractors associated with the infra biggie were searched during the over 24-hour-operation, they added.

The Ramky group is also facing probe by the Enforcement Directorate for the Ramky Pharma City project located near Visakhapatnam. Ramky Group Chairman Ayodhya Rami Reddy is also being probed in the cases relating to Jagan Mohan.

The ED had also last month attached some of the assets of the Ramky Group in the pharma city project. The ED probe relates to money laundering case against YSR Congress chief Y S Jaganmohan Reddy, attached assets belonging to the infra major - the Ramky Pharma City (India) Ltd. These included over 135 acres of land and deposits to the tune of several hundred crores.

The company shares closed at Rs 85.20.