Rs 8 Crore Transferred Online From Visaka Industries Freezed By Hyderabad Police

A sum of Rs 8 crore which was transferred online from a bank account allegedly from building material manufacturer Visaka Industries to a security service provider here was freezed by city police in the run up to the Telangana Assembly polls, in view of the high-value transaction, police said on Sunday.

In a significant development, the Hyderabad Police have frozen a sum of Rs 8 crore that was transferred online from a bank account allegedly belonging to building material manufacturer Visaka Industries to a security service provider in the city. The transaction, which took place in the run-up to the Telangana Assembly polls, was flagged by the Chief Electoral Officer (CEO) of Telangana due to its high value.

Congress Candidate G Vivekananda Under Scrutiny

Congress candidate G Vivekananda, who is the promoter of Visaka Industries, is contesting from the Chennur Assembly constituency. The CEO's reference to the transaction between M/s Visaka Industries Pvt Ltd and M/s Vigilance Security Services Pvt Ltd prompted the Saifabad Police team to visit the bank branch at Basheerbagh and inquire about the alleged transfer of Rs 8 crore. Subsequently, the police froze the amount.

Investigation Underway

During the enquiry, it was revealed that on November 13, an amount of Rs 8 crore was transferred from an unknown account belonging to M/s Visaka Industries from a private bank in Begumpet to the bank account of M/s Vigilance Security Services. Given the substantial amount involved, the Saifabad Police froze the transaction by addressing a letter to the branch manager of the private bank. They also informed the District Expenditure Nodal Officer, Nodal Officer, Telangana State Assembly election, Income Tax department, and Joint Director, Directorate of Enforcement of Hyderabad Zone for verification purposes.

The police have stated that once the verification of the accounts belonging to M/s Visaka Industries and M/s Vigilance Security Services Pvt Ltd is complete, appropriate legal action will be taken.

The freezing of the Rs 8 crore transaction by the Hyderabad Police is a significant development in the run-up to the Telangana Assembly polls. The investigation into the matter is ongoing, and further details are expected to emerge in the coming days. The case highlights the importance of monitoring high-value transactions during election periods to ensure transparency and integrity in the electoral process.