Hyderabad, Jan 16 (NationPress) In anticipation of his upcoming appearance before the Enforcement Directorate (ED) regarding the Formula-E race case on Thursday, Bharat Rashtra Samithi (BRS) working president and former minister K. T. Rama Rao firmly refuted any claims of corruption, misappropriation, or money laundering related to the agreement for hosting the event.

Rama Rao shared his remarks on the social media platform 'X'.

"Hosting Formula E in India/TelangaHyderabad stands out as one of my most treasured choices as a Minister. The pride I experienced, seeing international racers and leaders from the E-Mobility sector commend our city, is unforgettable. No amount of frivolous cases, cheap mudslinging, or political witch-hunting can diminish that achievement. For me, Brand Hyderabad holds utmost importance—yesterday, today, tomorrow, and forever. Formula E has amplified our city's presence on the global sporting arena. It requires vision, passion, and a genuine love for one’s city and state to appreciate the importance of such initiatives," expressed KTR, a name by which the BRS leader is widely recognized.

"To set the record straight: Rs 46 crore was transferred to Formula E Operations Limited (FEO) via a transparent bank-to-bank transaction. Not a single rupee was misappropriated, and every rupee is accounted for. Where is the supposed corruption, misappropriation, or money laundering?" he questioned.

KTR criticized Chief Minister Reddy for cancelling the event for the second consecutive year, stating that this has resulted in losses to the exchequer.

"If anything, the lack of foresight from CM Revanth Reddy and his reckless, unilateral choice to cancel the second year of the event has caused financial losses. Even in the absence of wrongdoing, motivated by malice and political vendetta, the Congress Government is determined to pursue these well-documented events through the courts and investigative agencies," he stated.

"I am confident that the truth will soon come to light for everyone to see, including the esteemed courts. Until then, we will persist in our quest for justice," he added.

KTR's comments were made just before his engagement with the ED, which is investigating claims of money laundering in this case.

On Wednesday, the Supreme Court rejected KTR's petition to annul the First Information Report (FIR) filed by the Anti-Corruption Bureau (ACB).

KTR had recently appeared before the ACB, which is expected to summon him once more for questioning.