Hyderabad: The officials of the Telangana Anti-Corruption Bureau (ACB) on Tuesday launched extensive searches at the offices of Greenko and its subsidiary, Ace Next Gen, in Madhapur of Hyderabad. Simultaneous raids were also carried out at Greenko Energy’s Machilipatnam office in Andhra Pradesh.
The investigation was initiated following allegations that electoral bonds donated by Greenko subsidiaries, were part of financial dealings in a high-profile case linked to the Formula-e race held last year. Congress MLA G Madhusudhan Reddy alleged that Greenko and its affiliated companies had donated a total of Rs 41 crore to the Bharat Rashtra Samithi (BRS) in electoral bonds between April 8, 2022 and Oct 10, 2022.
Probe Into Rs 41 Crore Worth Electoral Bonds
According to sources, the agency is investigating donation of Rs 41 crore in electoral bonds by Greenko affiliates between April 8, 2022 and October 10, 2022. As per reports, the first major donation of Rs 31 crore was done in April, followed by Rs 10 crore in October. It is being suspected that these transactions were part of a broader financial irregularities ahead of the Formula-e race. A tripartite agreement was reportedly signed on October 25, 2022 to organise the event. ACB officials are examining whether the transactions made via electoral bonds violated any laws or were linked to improper financial practices.
Meanwhile, the Telangana High Court on Tuesday dismissed the petition filed by KT Rama Rao, former BRS Minister, seeking orders to quash the criminal case registered against him by ACB over alleged misappropriation of funds relating to Formula-e race held during BRS rule.
Last month, the Anti-Corruption Bureau had filed a case against KTR, former Special Chief Secretary Arvind Kumar, and former HMDA Chief Engineer BLN Reddy, for their alleged involvement in irregularities to the tune of Rs 54.88 crore in the Formula-e project deal. KTR later termed the FIR against him as 'politically motivated'.
