Income-Tax raids on prominent businessmen and realtors in Hyderabad had taken an interesting turn as one of the businessmen revealed that he had paid a ransom of Rs 5 crore to the dreaded Naxalite turned gangster Mohammed Nayeemuddin in August last year.

Syed Akhtar, who owns SA Developers company, was among the four businessmen who were raided by the Income Tax officials over the last two days.

Syed Akhtar told the I-T officials that the gangster had abducted him after a dispute over a piece of prime land in 7 Tombs area of Hyderabad which his company was developing.

After Nayeemuddin gang abducted him from Hyderabad and kept him in captivation, his family paid Rs 5 crore to get him released. Akhtar revealed that the payment was made before Nayeem was shot dead by police in an encounter in Shadnagar town of Mehbubnagar district on August 8, 2016.

Nayeemuddin and his gang was involved in innumerable cases of murder and abductions, land grabbing and settlements through intimidation. At the time of his killing, the police had claimed seizing of cash and properties worth several hundred crores but later nothing was heard about it.

While Opposition parties suspecting a foul play have demanded a CBI enquiry, the Income Tax Department has also issued notices to the members of Nayeemuddin’s family.

The raids on Shahnawaz Khan, Syed Akhtar, Obaid and a jeweller Sukesh Gupta have revealed unaccounted assets of several crores and dubious transaction among some of them.

Syed Akhtar was found to have made investments worth Rs 56 crore. During the questioning by the I-T sleuths, he admitted investment of Rs 25 crore was unaccounted and agreed to pay the tax on it.

In the raids on Shahnawaz, he and his family were also found in possession of several prime properties as well as imported cars. He was being questioned about the source of his wealth.

The I-T sleuths also found evidence of dubious transactions between the companies of Saketh Gupta and Shahnawaz Khan. Gupta loaned a huge amount of money to Kings Radio Exim Private ltd, a company owned by Shahnawaz Khan.

Sources said that these businessmen and realtors caught the attention of the I-T officials after sudden and unexplained rise in their assets and their depositing crores of rupees in their bank accounts. Further investigations were on.