HYDERABAD: Enforcement Directorate sleuths on Monday conducted searches in the offices of a prominent Bengaluru-based construction company located at Raidurgam in Hyderabad.
According to sources, three teams of officials carried out searches in the company offices hoping to unearth hawala transactions.
According to sources, ED sleuths also searched the residences of the company’s directors and a guesthouse near the office and seized several documents related to transactions with various local and Bengaluru-based companies.
Sources said that the company directors received Rs 60 crore into their accounts that was later transferred to the local and Bengaluru based firms in Hyderabad, though there are no business arrangements between these various entities.
ED officials suspect that the money was likely spent in the Munugode bypoll. The agency has asked the firm’s directors to give the reason for the transactions. The sources also said that there were three major transactions in the last one month.