Hyderabad: A day after conducting searches at the residences and office of industrialist and former Telangana MP Gaddam Vivek Venkatswamy and his relatives in Hyderabad and Mancherial, Enforcement Directorate alleged that “suspicious and unaccounted” transactions worth Rs 200 crore have taken place. During searches on Vivek's properties, incriminating documents were also seized, the ED said on Wednesday.

Vivek, who earlier represented Peddapalli parliamentary constituency, quit the Bharatiya Janata Party ahead of November 30 elections in Telangana and joined now contesting the elections from Chennur assembly segment on a Congress ticket.

According to a statement released by the Enforcement Directorate, the raids were conducted under the Foreign Exchange Management Act (FEMA) on Tuesday. The ED officials searched residences and offices of Vivek at different locations in Hyderabad and Mancherial.

The federal probe agency swung into action after the Telangana Police flagged the transferring of Rs 8 crore from Vivek’s bank account to Vigilance Security company, which the probe agency says was found non-existent at its declared addresses, and Vivek, his wife and their Visaka Industries company had transactions of over 100 crore with Vigilance Security.

Highlighting the balance sheet of Vigilance Security, the ED statement said the entity declared only Rs 20 lakh as ‘revenue from operations’. In addition to this the company has alllgedly carried out credit and debit transactions for more than Rs 200 crore. The ED officials have also found that Vivek has an ‘indirect’ control over this entity.

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