Enforcement Directorate to Initiate Investigation into Formula-E Race Payments
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Hyderabad, Dec 20 (NationPress) The Enforcement Directorate (ED) is gearing up to commence an inquiry into the Formula-E race incident involving Bharat Rashtra Samithi (BRS) Working President and ex-Telangana minister K. T. Rama Rao.
On Friday, the ED communicated with the Anti-Corruption Bureau (ACB), requesting a copy of the First Information Report (FIR) and relevant documents pertaining to the case.
The central agency is expected to file a case under the Prevention of Money Laundering Act (PMLA) against K. T. Rama Rao and others, following the receipt of the FIR and additional information.
According to sources, the ED will file an Enforcement Case Information Report (ECIR) under the PMLA.
The ACB registered a case against K. T. Rama Rao and two others on Thursday, citing alleged financial discrepancies associated with the Formula-E race that took place in Hyderabad in February 2023.
This case involves the purported unauthorized transfer of Rs 55 crore from the Hyderabad Metropolitan Development Authority (HMDA) to Formula E Operations (FEO) without the necessary approvals.
The FIR was filed under Sections 13(1)(A) and 13(2) of the Prevention of Corruption Act, along with Sections 409 and 120(B) of the Indian Penal Code.
It is alleged that under the direction of then-Industry Minister K. T. Rama Rao, the HMDA disbursed Rs 55 crore to a foreign entity in contravention of RBI guidelines. Reportedly, these payments were made without securing approvals from the Cabinet or the Finance Department.
The ACB has identified K. T. Rama Rao, commonly known as KTR, as the primary accused in the FIR. IAS officer and former HMDA Commissioner Arvind Kumar and former HMDA Chief Engineer B.L.N. Reddy are listed as the second and third accused, respectively.
The FIR was lodged shortly after Governor Jishnu Dev Varma authorized the prosecution of K. T. Rama Rao at the request of the state government.
The BRS leader has refuted the corruption allegations, challenging the Congress government to clarify where the corruption lies, given that the organizers confirmed receipt of Rs 55 crore from the HMDA.
K. T. Rama Rao has submitted a petition to the Telangana High Court, requesting an order to dismiss the FIR lodged by the ACB.
