Bharat Rashtra Samithi (BRS) working president KT Rama Rao appeared before the Enforcement Directorate (ED) on Thursday for questioning in connection with a money laundering case linked to the Formula-E race event. Rama Rao, who served as the Municipal Administration Minister in the previous BRS government described hosting the international event in Hyderabad as one of his most significant achievements.
During a seven-hour-long session at the ED office, KTR reportedly provided comprehensive responses to the investigators' queries. He assured officials of his full cooperation and willingness to attend future inquiries if required.
As part of his submission, KTR handed over two key documents to the ED and received an acknowledgment receipt. These included a report by Nielsen on the Formula-E race's economic impact and the Telangana Electric Vehicle (EV) Policy, introduced in 2020.
The Nielsen report highlighted that the Formula-E race generated an estimated $82 million in economic benefits for Telangana. KTR also elaborated on the state's EV policy, which aimed to position Telangana as a hub for sustainable mobility solutions. The policy paved the way for initiatives like the Telangana Mobility Valley and the Formula-E race, designed to attract investments and boost EV manufacturing in the state.
KTR underscored the global and national significance of the Formula-E event, noting that it not only elevated Telangana's profile but also enhanced India's reputation internationally. He highlighted the participation of Union Ministers such as Hardeep Singh Puri, Nitin Gadkari, Anurag Thakur, and Kishan Reddy, which he said underscored the race's importance.
Addressing allegations of financial irregularities, KTR categorically denied any corruption or misappropriation of funds. He emphasized that all government funds allocated for the event were directly transferred to the organizers with transparent records, leaving no room for malpractice.
The ED officials also sought details about KTR's personal bank accounts and assets during the inquiry. KTR assured them that he would provide all necessary information promptly.