IT officials searched the residences of A. Revanth Reddy in Hyderabad and in his native place Kodangal. The searches were also carried out at the houses of his relatives.
The searches were reported to be in connection with the financial dealings of his real estate company Sri Sai Mourya Estates and Projects and some other companies of his relatives.
Revanth Reddy, who was appointed Congress Working President in Telangana last week, described the raids as witchhunt by the ruling Telangana Rashtra Samithi (TRS) as well as the Bharatiya Janata Party (BJP).
Addressing a public meeting at Kosagi in Mahabubnagar district, he said Chief Minister K. Chandrashekhar Rao and Prime Minister Narendra Modi wanted to jail him in a false case as they were afraid of him.
Revanth Reddy said the IT raids cannot deter him from working for the defeat of TRS and BJP.
Before leaving for Hyderabad, Revanth told people of at Kosagi in Mahabubnagar district that this could be his last public meeting. He said that even if he was sent to jail, he would once again contest the elections for Telangana Assembly from Kodangal constituency.
Congress Telangana unit President Uttam Kumar Reddy also termed the IT raids as vendetta by the TRS and BJP. He said the TRS government was targeting Congress leaders due to fear of losing the Assembly elections.
Revanth, who quit the Telugu Desam Party (TDP) to join the Congress last year, is the key accused in a cash for vote scam of 2015.
Then a legislator of TDP, he was caught while offering Rs 50 lakh to Elvis Stephenson, a nominated member of the Telangana Assembly to make him vote for TDP candidate in the elections for the state legislative council.
Andhra Pradesh Chief Minister N. Chandrababu Naidu was also dragged into the sensational case when a CD of his purported telephonic interaction with Stephenson went public.