ACB requests Governor’s nod to probe KTR over alleged Rs. 55 crore Formula E fund mismanagement

Hyderabad: The Anti-Corruption Bureau (ACB) has sought the approval of Governor Jishnu Dev Varma to launch an investigation into K.T. Rama Rao (KTR), the Working President of the Bharat Rashtra Samithi (BRS) and former minister, over allegations of mismanagement involving Rs. 55 crore related to the Formula E race operations planned earlier this year. The probe also includes other high-ranking officials, such as former MAUD Secretary Arvind Kumar. The investigation centers on the transfer of funds without the required approvals, allegedly circumventing the Hyderabad Metropolitan Development Authority (HMDA) board’s authorization, finance clearances, and even cabinet consent.

The controversy began in February when Hyderabad was set to host the Formula E race as part of its ninth season, but the event was eventually canceled. Afterward, HMDA raised alarms about the Rs. 55 crore payment to Formula E Operations (FEO), claiming that the money was withdrawn without any legal or contractual basis. Chief Minister A. Revanth Reddy stressed that the investigation was not politically motivated, asserting that the ACB’s focus was solely on alleged corruption and not on political rivalry.

Revanth Reddy questioned how such a large sum could be transferred without proper authorizations and called for an inquiry into who benefitted from the transaction.

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In response, KTR denied the allegations, accusing both Congress and BJP of targeting him for political reasons. He declared that he was prepared to face jail if necessary, adding that he would use the time to stay fit and plan a padayatra. His comments appeared to downplay the seriousness of the charges as speculation grows over the potential actions of the Congress-led government.

The ACB’s request to initiate the investigation is pending approval from the Governor, while the agency continues to probe the involvement of key individuals in the questionable financial transactions.

𝐀𝐂𝐁 𝐒𝐞𝐞𝐤𝐬 𝐆𝐨𝐯𝐞𝐫𝐧𝐨𝐫’𝐬 𝐍𝐨𝐝 𝐭𝐨 𝐏𝐫𝐨𝐛𝐞 𝐊𝐓𝐑 𝐎𝐯𝐞𝐫 𝐅𝐨𝐫𝐦𝐮𝐥𝐚 𝐄 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬

The Anti-Corruption Bureau (ACB) has formally requested Governor Jishnu Dev Varma’s permission to initiate a case against KT Rama Rao (KTR), the BRS Working President… pic.twitter.com/hUQneXe3Xk

— Sudhakar Udumula (@sudhakarudumula) November 8, 2024