The Enforcement Directorate (ED) has initiated a probe into the financial dealings of Congress candidate Vivek Venkatswamy from Telangana’s Chennur constituency, as part of an investigation into foreign exchange violations, according to official sources.
Conducted under the provisions of the Foreign Exchange Management Act (FEMA), the searches took place in Chennur and Hyderabad. Vivek Venkatswamy, who recently switched allegiance from the BJP to the Congress in the presence of party leader Rahul Gandhi, is under scrutiny for potential violations.
With assets declared at a staggering Rs 600 crore, Vivek holds the title of the wealthiest politician contesting the upcoming assembly polls in Telangana, scheduled for November 30. The ED’s focus is on movable assets, primarily shares in various companies, valued at Rs 377 crore. Notably, these include shares in Visaka Industries, a company founded by Vivek in 1981. The family’s immovable assets are reported to be worth over Rs 225 crore.
In the affidavit filed by Vivek, it is revealed that he and his wife have liabilities or loans amounting to Rs 41.5 crore. The financial snapshot also shows a significant increase in their annual income. Vivek’s income rose from Rs 4.66 crore in the fiscal year 2019 to Rs 6.26 crore in the last fiscal year. Similarly, his wife’s income increased from Rs 6.09 crore to Rs 9.61 crore during the same period.
The ED’s investigation into Vivek Venkatswamy’s financial affairs adds a layer of complexity to the political landscape, raising questions about the source and nature of the considerable wealth amassed by the Congress candidate. As the probe unfolds, it will undoubtedly influence the narrative surrounding Vivek’s political career and the upcoming assembly elections in Telangana.