9, December, 2023
HomeIndiaED Launches Investigation Into Congress' Telangana Candidate Vivek Venkatswamy's Financial Affairs Under FEMA

ED Launches Investigation Into Congress’ Telangana Candidate Vivek Venkatswamy’s Financial Affairs Under FEMA

Published on

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.

Read Also | Vivek Oberoi Reflects on Past Relationships: ‘I Was Never Dishonest

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.

Read Also | Enforcement Directorate Conducts Searches at AAP MP Sanjay Singh’s Residence in Delhi Liquor Policy Case

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.

Latest articles

The Grit and Glory: Senua’s Saga Hellblade 2 Still Mum on Release Date in The Game Awards 2023 Trailer

The Game Awards 2023 treated fans to a gripping new trailer of Senua's Saga:...

Jurassic Park Survival Revealed at The Game Awards 2023: Release Window, Platforms, and Excitement Unleashed

Jurassic Park Survival made a grand entrance at The Game Awards 2023, promising a...

Kill The Justice League Unveils Thrilling Gameplay at The Game Awards 2023

The latest trailer for Suicide Squad: Kill The Justice League was showcased at The...

More like this

403 Indian Students Passed Away in Abroad, Navigating Challenges and Ensuring Vigilance

The Indian government disclosed in Parliament that 403 Indian students have lost their lives...

Health Alert Issued for Meftal, Caution Urged Over Adverse Reactions

The Indian Pharmacopoeia Commission (IPC) has issued a health alert regarding the widely used...

Kerala Health Minister Orders Probe into Dowry Allegations Linked to Doctor’s Tragic Death

Kerala Health Minister Veena George has initiated an investigation into allegations of dowry harassment...
Enable Notifications OK