ED Registers Money Laundering Case Against Ex-Minister KT Rama Rao Over Formula-E Car Race Issue

The move comes Telangana's Anti-Corruption Bureau (ACB) has registered a case over the alleged financial irregularities related to the Formula E race that took place in Hyderabad in February 2023.

The case revolves around the alleged unauthorized transfer of Rs 55 crore from the HMDA to Formula E Operations (FEO) without proper approvals. 

Source : ABP Desam

The Enforcement Directorate (ED) has filed a case under the Prevention of Money Laundering Act (PMLA) against former Minister K T Rama Rao. The move comes Telangana's Anti-Corruption Bureau (ACB) has registered a case over the alleged financial irregularities related to the Formula E race that took place in Hyderabad in February 2023.

An FIR filed by the Anti-Corruption Bureau (ACB) has named KTR as Accused No. 1 along with former municipal administration special chief secretary Arvind Kumar (A-2) and HMDA chief engineer B.L.N. Reddy (A-3).

The case revolves around the alleged unauthorized transfer of Rs 55 crore from the Hyderabad Metropolitan Development Authority (HMDA) to Formula E Operations (FEO) without proper approvals. 

The ED reigstered an Enforcement Case Information Report (ECIR) and may also investigate potential violations under the Foreign Exchange Management Act (FEMA).

'Attempting To Intimidate': BRS MLC Kavitha Accuses Telangana CM Revanth Reddy Over ED Case On KTR 

On the issue, BRS MLC Kavitha Kalvakuntla taking to X said, "The people of Telangana are closely watching the scripted drama by the Congress Party, desperate to use legal tactics to target the BRS and KCR garu, as they cannot face us politically. A Chief Minister who cannot muster the courage to debate in the Assembly is attempting to intimidate @KTRBRS garu with false and frivolous cases."

"Your petty tactics will not scare us; they will only strengthen our resolve. We will fight and the spirit of Telangana will win," she said. 

The people of Telangana are closely watching the scripted drama by the Congress Party, desperate to use legal tactics to target the BRS and KCR garu, as they cannot face us politically.

A Chief Minister who cannot muster the courage to debate in the Assembly is attempting to… pic.twitter.com/AacQcC8zeT

— Kavitha Kalvakuntla (@RaoKavitha) December 19, 2024