Just In: IT Raids On Vivek's House and Properties

The Income Tax Department is conducting raids on Congress Chennur Assembly candidate and one of the richest candidates Vivek Venkataswamy. According to news reports, the raids are based on Vivek Venkataswamy's recent transactions. IT sleuths have reportedly got a suspicion over a fund transfer of Rs 8 crore. 

Hyderabad Police reportedly froze an online transaction valued at Rs 8 crore between Visaka Industries and another company. On instructions from the Election Commission, police visited IDBI Bank’s Basheerbagh branch and enquired about the alleged transaction and froze the transaction. Police had also informed the Income-Tax department and joint director, Directorate of Enforcement of Hyderabad zone.

The raids are being conducted on various properties of Vivek in Hyderabad, Mancherial and many other places. Vivek had recently resigned from the BJP and joined the Congress. Vivek's followers and Congress activists are serious about these sudden raids. They protested outside Vivek's Mancherial residence and raised slogans against the BJP and PM Narendra Modi.

Based on the affidavit submitted to the Election Commission during his nomination for Chennur constituency in Mancherial district, Vivek has declared movable and immovable assets of Rs 606.66 crore. He has movable assets of 328.91 crore, while his wife G Saroja possesses assets worth Rs 51.84 crore.

Vivek, as the industrialist politician is popularly known, is founder and chairman of Visaka Industries Ltd, has shares of Rs 285 crore in the company. Vivek's assets have gone up by 127 per cent since 2014, when he had contested for Lok Sabha from Peddapalli. 66-year-old former MP Vivek is yet to respond to these raids. More details are awaited. 

The elections to the Telangana Assembly is going to be held on 30th November. The results will be declared on 3rd December.