Formula-E Frenzy: Alleged Money Laundering in Motorsport Event

The Enforcement Directorate has launched a money laundering investigation against BRS leader K T Rama Rao and others regarding irregular payments linked to a Formula-E race held in Hyderabad in February 2023. The case follows an FIR by the Telangana Police Anti-corruption bureau.

The Enforcement Directorate (ED) has initiated a money laundering investigation targeting BRS leader K T Rama Rao, along with several others, due to alleged irregularities connected to a Formula-E race in Hyderabad, held in February 2023, say official sources.

An Enforcement Case Information Report (ECIR) has been filed under the Prevention of Money Laundering Act (PMLA), based on a First Information Report (FIR) by Telangana Police's Anti-corruption bureau. The individuals named in the ED's case align with those in the ACB's FIR, according to officials.

K T Rama Rao, also known as KTR and son of former state chief minister K Chandrashekhar Rao, is listed as accused number one in the ED's report. He is followed by senior IAS officer Arvind Kumar and retired bureaucrat BLN Reddy as the second and third accused, respectively. The charges involve payments totaling approximately Rs 55 crore, with some made in foreign currency, allegedly without proper approvals. KTR has denied any misconduct, asserting that the transactions were legitimate and documented.

(With inputs from agencies.)