KTR calls Formula E ‘most cherished decision’ as ED investigates money laundering
Bharat Rashtra Samithi (BRS) working president KT Rama Rao appeared before the Enforcement Directorate (ED) on Thursday for questioning in a money laundering investigation linked to the Formula-E race event in Hyderabad.
Rao, who previously served as the Municipal Administration Minister, defended the hosting of the Formula-E race in the city, calling it one of his most cherished decisions. Speaking exclusively to India Today, Rao said, “This is a frivolous case. I will continue my fight, will come no matter how many times they call, and will not step back in this. I wonder where corruption, fraud and money laundering are.”
As Rao arrived at the ED office at 10.30 am, heavy police presence was seen in the area, with BRS leaders and workers gathering outside, only to be detained by authorities. BRS spokesperson M Krishank was also among those detained.
KTR’s appearance for questioning by the ED comes a day after the Supreme Court denied his petition to quash the FIR against him.
Rao, who had initially been summoned on January 7, was granted a two-week extension and appeared before the ED on the revised date. The investigation also involves senior IAS officer Arvind Kumar and former HMDA chief engineer BLN Reddy, who have both been questioned in relation to the case.
Ahead of his appearance, he took to ‘X’ to express confidence in his actions, stating, “No amount of frivolous cases, cheap mudslinging, or political witch-hunting can erase that sense of accomplishment.” Rao further alleged that the Telangana Congress government was driven by political vendetta and accused them of using courts and investigating agencies to drag the case.
Rao also criticised the decision of Chief Minister Revanth Reddy to cancel the second year of the Formula-E race, citing the loss to the state exchequer.
Congress MLC Balmoor Venkat, responding to KTR’s statements, claimed that Rao himself had admitted to procedural lapses, questioning why he had not followed due process as a public representative. “He has violated the law and caused a loss to the exchequer,” Venkat said, calling for a thorough investigation.
The ED probe centers on alleged irregularities in payments related to the event, scheduled for 2024. The Enforcement Case Information Report (ECIR) filed under the Prevention of Money Laundering Act (PMLA) follows a complaint by the Telangana Anti-Corruption Bureau (ACB), which claims around Rs 55 crore was misused, including foreign currency payments in violation of standard procedures.
Rao maintains that Rs 46 crore paid to Formula E Operations Limited (FEO) was done via transparent bank-to-bank transactions.