Telangana Congress leader Gaddam Vivek has been named in a huge Rs 100 crores scam and the same is reported by the Enforcement Directorate- ED.
ED initiated investigation on the basis of a reference from Telangana Police to investigate a transaction of Rs. 8 Crore from the bank account of G. Vivek to M/s Vigilance Security.
ED investigation revealed that the bank account of MIs Vigilance Security was being used to circuitously transfer money with no real business rationale and that Dr. G. Vivek, his wife and their company Visaka Industries had transactions of more than Rs. 100 Crore with M/s Vigilance Security. The entity declared mere Rs. 20 lakhs as 'revenue from operations' in its latest balance sheet whereas it reported assets worth Rs. 64 crore mainly in the nature of long term loans/advances.
Since inception, credit and debit transactions in the company's impugned bank account was found to be more than Rs.
200 Crore. Investigation also revealed indirect control of Dr. G. Vivek over M/s Vigilance Security, the statement from the ED read.
ED is now holding further investigation on the unaccounted Rs 100 crores deals in the companies belonging to G Vivek.
