ED Grills KTR for 7 Hours Over Allegations in Formula-E Case Investigation

Photo: PTI

The Enforcement Directorate (ED) questioned Bharat Rashtra Samithi (BRS) working president and former Telangana minister K.T. Rama Rao (KTR) for nearly seven hours on Thursday as part of an investigation into alleged financial irregularities related to the Formula-E race held in Hyderabad. The questioning focused on the transfer of ₹45.7 crore from the Hyderabad Metropolitan Development Authority (HMDA) to a UK-based company, Formula-E Operations (FEO), in 2023 when KTR was the minister for Municipal Administration and Urban Development.

The investigation is based on statements from former special chief secretary of the Municipal Administration & Urban Development department, Arvind Kumar, and former chief engineer of HMDA, B.L.N. Reddy, previously questioned by the ED. The probe is being conducted under the Prevention of Money Laundering Act (PMLA) and stems from an FIR filed by the Anti-Corruption Bureau (ACB). The ED also examines potential violations of the Foreign Exchange Management Act (FEMA).

After the questioning, KTR spoke to the media and revealed that the ED asked him 40 questions, following 80 questions posed by the ACB the previous week. He expressed his willingness to cooperate with the authorities despite describing the case as politically motivated. KTR accused Chief Minister A. Revanth Reddy filed the case out of a personal vendetta and challenged him to take a lie detector test alongside him. He suggested conducting the test in front of a judge and live media to avoid further expenditure on the investigation, which he claimed could cost between ₹5 to ₹10 crore.

KTR questioned the basis of the investigation, stating that there was no evidence of fraud or corruption. He asked, “If money was transferred, where is the fraud? Where is the corruption? How has money laundering happened?” He reiterated that he had done nothing wrong and expressed his confidence in the judicial process, stating, “I believe in the judiciary. The truth will come out, and justice will prevail.” He also declared that he was prepared to face any punishment if proven guilty.
The BRS supported KTR and criticized the case as baseless and politically driven. The investigation is ongoing, and further developments are awaited.

Jan. 17, 2025 {{ Blogdetails.schedule_date|time }} 500

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