Hyderabad: Bharat Rashtra Samithi (BRS) working president KT Rama Rao (KTR) on Thursday, January 16 said that hosting Formula E in Hyderabad was the best decision as a minister.
KTR further said that the pride he felt, witnessing international racers and e-mobility industry leaders praise Hyderabad, is memorable. “No amount of frivolous cases, cheap mudslinging, or political witch-hunting can erase that sense of accomplishment. For me, Brand Hyderabad is paramount- yesterday, today, tomorrow, and always. Formula E elevated our city on the international sporting stage,” the former Telangana minister added.
Addressing allegations of a Formula E scam, KTR took to X and said, “It takes vision, passion, and genuine love for one’s city & state to understand the significance of such initiatives Setting the record straight: Rs 46 crore was paid to Formula E Operations Limited (FEO) through a transparent bank-to-bank transaction. Not a single rupee was misappropriated & every rupee is accounted for.”
It is to be noted that the Sircilla MLA along with two other officials have been booked for corruption in connection with the alleged Formula E scam by the Telangana Anti-Corruption Bureau (ACB) and Enforcement Directorate (ED).
KTR booked by ED over Formula-E ‘scam’
KTR is scheduled to appear before the Enforcement Directorate in the alleged Formula- E ‘scam’ on Thursday. Initially scheduled for January 7, KTR had requested a postponement, following which the ED issued a new notice for Thursday.
The investigation revolves around alleged violations related to the Formula E race, with the Anti-Corruption Bureau (ACB) also probing the matter. The ED has opened a separate case concerning payments made to a foreign entity without the Reserve Bank of India (RBI) approval.
Formula E ‘scam’ case: KTR to appear infront of ED today
Notably, KTR is identified as a key suspect in this case, labelled as A1 by the ACB, which has already questioned other officials involved, including former chief engineer BLN Reddy and special chief secretary Arvind Kumar.
Recently, KTR’s petition to quash the FIR filed against him by the ACB was dismissed by the High Court.
SC dismisses KTR’s quash petition against ACB case
The Supreme Court on Wednesday, January 15, ruled that KTR’s subsequent petition was “dismissed as withdrawn,” in a setback to the former minister.
The minister had approached the apex court after the Telangana High Court dismissed his petition over the same.
The FIR against the minister has been registered 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 (IPC).
Formula E race
On October 25, 2022, the MAUD department entered into a tripartite agreement with FEO Limited and Ace Nxt Gen Private Limited (sponsor) for conducting Formula E races for 9, 10, 11, and 12 seasons in Hyderabad.
‘Season 9’ of the race was held on February 11, 2023, when the BRS government was in power. However, later the sponsor backed out citing financial losses. The HMDA which was under KTR’s ministry transferred about Rs 55 crore to FEO.
The money in British Pounds was transferred allegedly without mandatory approval from the Reserve Bank of India (RBI).
The Congress government that took over in December 2023 cancelled the Formula E race and also sought an inquiry into the transfer of government funds without following the norms and the allegations of corruption.
