Cash Transfer Of Rs. 100 Crore From Visaka Industries Is Of G. Vivek
Hyderabad, Nov 23 (Maxim News): Investigation by the Enforcement Directorate (ED) has revealed that a cash transfer of Rs. 100 crore has been made through Visaka Industries belonging to former MP and Chennuru Congress Candidate G. Vivek. Initially it was found that there was a violation of FEMA in the transfer of funds to Vigilance security Services.
It may be recalled that the ED started the investigation with the information given by the police that Rs. 8 crores had been transferred from Vivek’s bank account to Vigilance Securities.
In this order, the ED teams conducted inspections on Vivek’s houses and offices in Hyderabad, Ramagundam and Manchiryal on Tuesday.
Based on the evidence found in those areas, the transactions of Vivek and his wife were examined by Visaka Industries. Vigilance Security found that it had disclosed in its balance sheets that it had received an income of about Rs. 20 lakhs through its business activities.
It has been found that financial transactions of Rs. 200 crores have been done in the company. But investigation revealed that Vigilance Securities had no actual business dealing with Visaka Industries. Vigilance Security is also revealed to be under Vivek’s control.
ED investigation revealed that Yashwant Realtors is the parent company of Vigilance Securities. It has been found that most of the shares in these realtors are in the name of a foreigner. Initially found violation of FEMA in Vigilance Securities merger with a foreign entity. It was revealed that unaccounted cash was used in property deals of group companies. The vigilance agency found its presence at the mentioned addresses.
ED investigation revealed that Yashwant Realtors is the parent company of Vigilance Securities. It has been found that most of the shares in these realtors are in the name of a foreigner.
Initially found violations in vigilance Securities merger with a foreign entity. It was revealed that unaccounted cash was used in property deals of group companies. The Vigilance agency found its presence at the mentioned addresses.
The ED’s investigation into the Hyderabad Cricket Association (HCA) scam has unexpectedly revealed the links of Vivek’s organization. The documents of the real estate business transactions of the Visaka Industries group of companies have been seized by the ED.
The Telangana ACB had previously registered cases of Rs. 20 crore irregularities in the construction contract of the Rajiv Gandhi International Cricket Stadium in Uppal, Hyderabad.
On the basis of those cases, the ED conducted searches on Tuesday at the houses of former HCA president, Bellampally Congress candidate G. Vinod former HCA Vice President Shivalal yadav, former Secretary Arshad Ayub, the office of SS Consultants, the residence of MD Satyanarayana of that company.
Digital devices, various documents, Rs. 10.39 lakh cash was seized. The ED concluded that a house belonging to Vinod was being used by his brother Vivek for his Visaka Industries activities. (Maxim News)
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