Hyderabad: After the Enforcement Directorate (ED) raided the residences and offices of Telangana Congress Chennur candidate G Vivek Venkatswamy on November 21, investigations revealed that a certain firm was being used to “circuitously transfer money with no real business rationale.”
The Central investigation agency, in a statement on Wednesday, stated that G Vivek had transferred Rs 8 crore from his bank account to a firm called Vigilance Security Services Pvt Ltd, which is a bogus company.
“G Vivek, his wife and their company, Visaka Industries, had transactions of more than Rs 100 crore with Vigilance Security. The entity declared a mere Rs 20 lakhs as ‘revenue from operations’ in its latest balance sheets,” read a press release from ED.
“ED investigations further revealed, prima facie, FEMA contraventions by the Vigilance Security Pvt Ltd and its parent company Yeshwant Realtors majority shares are held by a foreign national, ” the statement read.
ED seized digital devices and incriminating documents indicating unaccounted transactions worth crores, it added.
