ACB Conducts Raids on Greenko Group Amidst Formula-E Investigation
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Hyderabad, Jan 7 (NationPress) In a significant escalation of its investigation into the Formula-E race case, the Telangana Anti-Corruption Bureau (ACB) launched searches at the offices of Greenko Group companies on Tuesday.
Since Tuesday morning, officials from the anti-corruption agency have been conducting searches at Ace Nxt Gen located in Madhapur.
Additionally, searches were underway at Ace Urban Race and Ace Urban Developers. ACB teams were also scouring the premises of Greenko Energy in Machilipatnam, Andhra Pradesh.
The ACB is investigating alleged financial irregularities surrounding the Formula-E race held in Hyderabad in 2023, during the tenure of the Bharat Rashtra Samithi (BRS). Greenko, a prominent player in renewable energy, was initially involved as a sponsor for the event through its subsidiary, Ace Nxt Gen Private Limited.
In October 2022, the Telangana government, Formula E Operations (FEO), and Ace Nxt Gen Pvt. Ltd. entered into a tripartite agreement for the tenth season of the Formula E race.
However, Ace Nxt Gen withdrew its sponsorship following a dispute with FEO.
The state government subsequently took on the financial responsibility, making payments to FEO via the Hyderabad Metropolitan Development Authority (HMDA), reportedly without the necessary regulatory approvals.
Last month, the ACB filed an FIR against K. T. Rama Rao, the BRS working president and former minister, along with Special Chief Secretary Arvind Kumar and former Chief Engineer of HMDA B.L.N. Reddy.
The ACB's raids on Ace Nxt Gen and its affiliated companies are believed to be focused on collecting evidence related to the sponsorship agreements, as the agency seeks to uncover the reasons behind Ace Nxt's withdrawal from the event.
These raids coincide with reports that Greenko made substantial contributions to the BRS. Greenko and its associated firms reportedly acquired electoral bonds worth approximately Rs. 117 crore, with the BRS allegedly cashing in Rs. 41 crore.
Furthermore, six months prior to the Formula-E agreement, these companies had purchased electoral bonds amounting to Rs. 19 crore. Allegations of a quid pro quo have surfaced, though K. T. Rama Rao dismissed claims that Greenko provided financial benefits of Rs. 41 crore to the BRS through electoral bonds as unfounded.
He emphasized that the same company had also purchased electoral bonds from both the Congress and the BJP.
