Hyderabad: The Anti-Corruption Bureau (ACB) has sought permission from Governor Jishnu Dev Varma to probe Bharat Rashtra Samithi (BRS) working president KT Rama Rao (KTR) over alleged mismanagement of Rs 55 crore related to the Formula-E race event in Hyderabad.
KTR, along with former MAUD secretary Arvind Kumar and other senior officials, is under investigation for transferring funds without necessary approvals, bypassing the Hyderabad Metropolitan Development Authority (HMDA) board, finance clearances, and cabinet consent.
HMDA then flagged the Rs 55 crore payout to FEO, stating that the funds were withdrawn without any legal or contractual backing. Chief minister A Revanth Reddy emphasized that the ACB’s investigation was centred on alleged corruption, not political rivalry.
“How could a minister or officer transfer such a large sum without due process? We must uncover who benefited from this,” the chief minister remarked, calling for transparency in the decision-making process.
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Meanwhile, KTR has denied the charges suggesting the Congress and BJP are targeting him.
He stated he is willing to face jail, even joking that he would use the time to stay fit and plan a padayatra. His comments are seen as an attempt to deflect attention from the allegations regarding the Formula-E event in Hyderabad.
The ACB’s request to investigate is awaiting approval from the Governor, while the agency continues its scrutiny of those involved in the payment decision.
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Formula-E race event in Hyderabad
The Formula-E race was held on February 11 of last year around Hussain Sagar in Hyderabad, attracting fans from across the country. Following the success of this event, MAUD entered into an agreement with Formula E Operations (FEO) for another race scheduled for February 10, 2024.
The Hyderabad Metropolitan Development Authority (HMDA) paid Rs 55 crores to FEO as part of this agreement, which was established during the tenure of the Bharat Rashtra Samithi (BRS) government.
However, FEO announced its withdrawal from hosting the race last December, citing non-compliance with the terms outlined in their agreement. At the time of the agreement, BRS was in power, while Congress was in control when FEO decided to cancel.
