December 20th 2024.
In Hyderabad, the Enforcement Directorate has taken action against BRS leader K T Rama Rao and others for alleged financial misconduct related to the Formula-E race held in February 2023. According to official sources, an Enforcement Case Information Report has been filed under the Prevention of Money Laundering Act, following a FIR filed by the Telangana Police Anti-corruption bureau on Thursday.
The individuals named in the ED case are the same as those mentioned in the ACB FIR. K T Rama Rao, who is the son of former chief minister K Chandrashekhar Rao, has been named as accused number 1, followed by senior IAS officer Arvind Kumar and retired bureaucrat BLN Reddy as accused numbers 2 and 3 respectively. This comes after the ED froze a fund worth Rs 82 lakh during their raids on a company owned by the late brother of a BJD MLA.
The case revolves around alleged payments of Rs 55 crore, some of which were made in foreign currency without proper approvals, for the Formula-E race that took place in Hyderabad last year during the previous regime. KTR, also known as KTR, has denied any wrongdoing, stating that the payment of Rs 55 crore was acknowledged and there was no corruption involved. He also clarified that the transaction was a straightforward one, with the money being transferred from the HMDA's account in the Indian Overseas Bank.
In his reaction to the ACB case, KTR explained that the HMDA has an account in the Indian Overseas Bank and the money was transferred from that account. He maintained that there was no malpractice involved and that the situation was being blown out of proportion. He also asserted that the payments were made in accordance with the rules and regulations, and there was no reason for anyone to be accused of money laundering. The matter is currently under investigation and we hope that the truth will come to light soon.
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