Hyderabad: The Anti-Corruption Bureau (ACB) has registered a case against Former Minister KT Rama Rao (KTR) in connection with alleged irregularities surrounding the Formula E car racing event held in Hyderabad. KT Rama Rao (KTR) has been named as Accused No. 1 (A1), while IAS officer Arvind Kumar and HMDA Chief Engineer BLN Reddy have been named as Accused No. 2 (A2) and Accused No. 3 (A3), respectively.
It may be recalled that the Anti-Corruption Bureau (ACB) has initiated an investigation into allegations of irregularities in the Formula E car racing event held in Hyderabad.
The case gained momentum after Governor Jishnu Dev Varma granted permission to proceed with an investigation against KTR. Following this approval, Chief Secretary Shanthikumari addressed a letter to the ACB on Wednesday, formally requesting an inquiry.
The allegations revolve around cash payments made to a foreign company, amounting to Rs 55 crore. Of this, Rs 46 crore was allegedly paid in dollars, bypassing approvals from the HMDA Board, the Finance Department, and the Reserve Bank of India (RBI).
The ACB is set to focus on these unauthorised payments, which have raised concerns about violations of financial protocols. Further developments in the case are awaited.
Key Allegations
The allegations against KTR stem from his tenure as the Municipal Administration Minister, particularly about the Formula-E race project. The violations reportedly include:
Foreign Currency Payments: Payment of Rs 46 crore in foreign currency without Reserve Bank of India (RBI) approval.
Election Code Violation: Entering into agreements while the election code was in force.
Improper HMDA Contracts: The Hyderabad Metropolitan Development Authority (HMDA) allegedly entered contracts without proper authorisation.
Delayed Agreements: Making agreements weeks after payments were already made.
Read more: Formula-E Race Case: Investigation Gathers Momentum, Governor's Nod For ACB Case Against KTR
