The Enforcement Directorate (ED) on Wednesday said that its searches at the residences of Congress leader and contestant from Chennur Assembly constituency Gaddam Vivekanand for alleged Foreign Exchange Management Act (FEMA) discrepancies revealed several violations.
It was found that the bank account of M/s Vigilance Security was reportedly being used by Mr. Vivek, his wife and their company Visaka Industries to circuitously transfer money with no real business rationale. They had transactions of more than ₹100 crore with M/s Vigilance Security, it said.
The ED’s investigation was prompted by the Telangana police’s report over the ₹8 crore transaction in an IDBI bank account at Basheerbagh branch, reportedly from Mr.Vivek to that of M/s Vigilance Security. It conducted searches on November 21 (Tuesday) at his residence in Hyderabad, office premises of Visaka Industries Limited, Vigilance Security Services Private Limited at Ramagundam, and the temporary residence in Mancherial.
