KTR presented the ED officials with a report by the independent organization Nielsen, which stated that the Formula E race generated an economic benefit of $82 million for the state’s economy. Additionally, he provided a copy of the Telangana Electric Vehicle Policy announced in October 2020, which aims to establish Telangana as a hub for mobility with alternative energy sources.
The ACB had registered a case against KTR and two others, alleging misappropriation of funds in the Formula E car racing event. KTR was named as Accused No. 1 (A1), IAS officer Arvind Kumar as Accused No. 2 (A2), and retired HMDA Chief Engineer BLN Reddy as Accused No. 3 (A3).
This comes after KTR’s initial visit to the ACB office earlier during which he left without entering the premises as his lawyer was denied entry. Instead, KTR submitted a written statement to the ACB officials and requested legal representation during questioning. Hours later, the ACB issued a second summons, compelling him to appear again later this week.
The ED’s investigation is based on an FIR filed by the Anti-Corruption Bureau (ACB) under the Prevention of Money Laundering Act (PMLA). The ED has identified violations of PEMA regulations and suspects financial irregularities and cash transfers to the Formula-E Operations (FEO). Consequently, the ED has issued notices to the involved parties, directing them to appear for questioning.
While IAS officers must collaborate with political leaders, they should not compromise their integrity or the principles of good governance. Upholding the rule of law and maintaining accountability are paramount.
