ED to Investigate Formula E-Race Financial Irregularities; KTR to Appear on January 7
The Enforcement Directorate (ED) will begin its investigation into the Formula E race case on Thursday, focusing on alleged financial irregularities involving the transfer of Rs 45 crore to a foreign entity.
Hyderabad: The Enforcement Directorate (ED) will begin its investigation into the Formula E race case on Thursday, focusing on alleged financial irregularities involving the transfer of Rs 45 crore to a foreign entity. Bharat Rashtra Samithi (BRS) Working President and former Telangana Municipal Minister K T Rama Rao (KTR) is scheduled to appear before the ED on January 7 in connection with the case.
The investigation follows an FIR filed by the Anti-Corruption Bureau (ACB), which uncovered alleged financial discrepancies amounting to ₹55 crore linked to the Formula E race held in Hyderabad in 2023.
The ED is examining potential violations of the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA), specifically regarding the Rs 45 crore transferred to Formula-E Organisers (FOE), a foreign company.
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In addition to KTR, the ED has summoned IAS officer Arvind Kumar, former Principal Secretary of the Municipal Administration and Urban Development (MAUD) Department, and B.L. N. Reddy, former Chief Engineer of the Hyderabad Metropolitan Development Authority (HMDA). Arvind Kumar will appear before the ED on January 2, while Reddy is scheduled for January 3.
The ED initiated its probe after the ACB filed an FIR on December 19, naming KTR as the primary accused in connection with financial irregularities, criminal breach of trust, and conspiracy under the Prevention of Corruption Act and the Indian Penal Code sections 409 and 120B. Arvind Kumar and Reddy were named as secondary accused in the case.
On Tuesday, the Telangana High Court reserved its judgment on a quash petition filed by KTR, challenging the FIR. The court has extended interim orders, ensuring that KTR will not be arrested until a verdict is reached.
This ongoing investigation is expected to shed light on the financial dealings surrounding the high-profile Formula E event in Hyderabad, which has drawn significant attention due to its international implications.
