Formula E Race Case: ED Summons KTR, Arvind Kumar, and BLN Reddy

The Enforcement Directorate (ED) has summoned BRS working president and former minister KT Rama Rao (KTR), along with senior IAS officer Arvind Kumar and former HMDA chief engineer BLN Reddy, in connection with the Formula E race case. KTR has been asked to appear on January 7, while Arvind Kumar and BLN Reddy are scheduled to appear on January 2 and 3, respectively. The probe is being conducted under the Prevention of Money Laundering Act (PMLA), based on an FIR filed by the Anti-Corruption Bureau (ACB).

Separate FEMA Probe Initiated

The ED has also initiated a parallel investigation under the Foreign Exchange Management Act (FEMA) to examine possible violations, including unauthorized fund transfers abroad and adherence to foreign exchange regulations.

Irregularities in Fund Transfers

The Enforcement Case Information Report (ECIR) names KTR, Arvind Kumar, and BLN Reddy. The charges center on alleged financial irregularities, including the unauthorized transfer of ₹55 crore from the Hyderabad Metropolitan Development Authority (HMDA) to Formula E Operations Limited (FEO) without mandatory approvals.

As per the original agreement, the government’s role was limited to providing infrastructure and civic amenities for the race. However, allegations suggest that HMDA transferred funds despite not being a direct party to the agreement. Investigators are also scrutinizing the transfer of ₹54.8 crore for the 2023 race and evaluating whether financial commitments exceeding ₹600 crore for upcoming seasons violated legal and financial protocols.
#KTR  #FormulaE #Telangana