Asian Films were into Film Distribution after being financiers for many years. They became Nizam area distributors and got into exhibition by constructing multiplexes in Hyderabad and several other interior towns in Telangana and AP.
They and Dil Raju are major competitors in distribution in Nizam and they started getting into film production, lately as well.
Asian Films co-own AMB Cinemas with Mahesh Babu and they have plans to construct AAA with Allu Arjun as well in Hyderabad.
Their properties, offices, acquisitions and assets along with homes have been subjected to Income Tax Department raids on Tuesday.
As per the latest news reports, the raids will go on for two more days and if they find any discrepancies, there is a big chance for the company to be asked to seize operations, until the smoke is cleared with all proper documentation.