The ban on 500 and 1000 rupee notes has turned into a nightmare for many people. Many big industrialists, businessmen, media tycoons and film producers have suddenly come under the scanner of the Income Tax department. This ban has also affected Tollywood. It is the reason why Allari Naresh’s film Intlo Deyyam Naakem Bhayyam was postponed. Today, the IT officials have raided the offices and properties of Baahubali producers, Prasad Devineni and Shobu Yarlagadda.
Prasad and Shoubu are the heads of the production house Arka Media Works. They have spent around Rs. 250 crores for Baabhubali-The Beginning and the film was a massive success and grossed more than Rs. 600 crores. With that boosting, apparently, they are spending more amount in the making of Baahubali: The Conclusion.
Apparently, the IT officials are inspecting the properties of this producer duo since past few days. All of a sudden, they have raided into their offices this morning. The raids are currently underway in the Arka Media Works head office. Anyways, this sudden move has shocked the entire Telugu film industry.