The producers of blockbuster hit Baahubali have been raided at their homes in Hyderabad.
Baahubali, a historical fiction epic, was released simultaneously in Telugu and Tamil in July last year and became India’s biggest-ever hit, doing business of over 650 crores worldwide. It was also dubbed in HIndi.
The sequel is to be released worldwide in April and distribution rights have been sold for several hundred crores.
The raids have been conducted on the offices, houses, private properties of producers Shobu Yarlagadda and Prasad Devineni, allegedly because nearly 60 crores of the discontinued Rs. 500 and Rs. 1,000 notes were believed to have been hoarded there. Currently, the raids have been going on in Arka Media Works. After having a tip off on possessing large amounts of unaccounted cash, IT officials have initiated the raid.
Reports suggest that the pre-release business of Baahuabli: The Conclusion is likely to cross Rs 350 crore to Rs 400 crore. Sources from the film industry believe that these huge figures apparently caught the attention of the I-T department.
The discontinued notes can be turned into banks till the end of the year. Millions across the country are scrambling to access the new Rs. 500 and Rs. 2,000 notes which were introduced in banks yesterday and at ATMs today.
Not long ago, IT officials have raided producer-distributor Sai Korrapati who is a close friend of director SS Rajamouli.