The Formula E race case relates to the alleged mismanagement of funds and payments made during KTR’s tenure as minister of MAUD, which had worked towards bringing the car racing event to Hyderabad in February 2023.
The Enforcement Directorate (ED) has issued summons to former Telangana CM KCR’s son, Bharat Rashtra Samithi (BRS) leader K T Rama Rao, to appear before it on January 7 in connection with the Formula E race case involving the transfer of Rs 45 crore to a foreign entity.
The ED has also summoned IAS officer Arvind Kumar, former principal secretary of the Municipal Administration and Urban Development (MAUD) department, and B L N Reddy, a former Hyderabad Metropolitan Development Authority (HMDA) chief engineer, before January 2 and 3, respectively.
The probe agency is conducting a probe under the Prevention of Money Laundering Act (PMLA) based on an FIR filed by the Telangana Police’s Anti-Corruption Bureau (ACB) in connection with alleged irregularities in bringing the Formula-E car racing event to Hyderabad in February 2023.
The ED is also probing if there were any Foreign Exchange Management Act (FEMA) violations in transferring Rs 45 crore to Formula-E Organisers (FOE), a foreign company.
What is the Formula E race case?
The Formula E race case relates to the alleged mismanagement of funds and payments made during KTR’s tenure as minister of MAUD, which had worked towards bringing the car racing event to Hyderabad in February 2023.
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