Formula-E Race Finances Under Scrutiny: ED Targets K T Rama Rao

The Enforcement Directorate has filed a money laundering case against BRS leader K T Rama Rao, accusing him of payment irregularities during the Hyderabad Formula-E race in February 2023. The case, following a Telangana Police ACB FIR, involves alleged unauthorized payments of Rs 55 crore.

The Enforcement Directorate (ED) has initiated a money laundering case against BRS leader K T Rama Rao and others, examining potential financial discrepancies related to the Hyderabad Formula-E race conducted in February 2023. This move follows an FIR by the Telangana Police's Anti-Corruption Bureau (ACB).

Rama Rao is prominently featured as accused number one in both the ED's case and the ACB's FIR, indicating serious allegations of payment misconduct involving Rs 55 crore, some transacted in foreign currency without appropriate approvals. Rama Rao, however, categorically denies any mishandling of funds, arguing the transaction was transparent.

The Telangana High Court has temporarily shielded Rama Rao from arrest, setting a directive for no arrest actions until December 30, as investigations continue. The probe adds to existing legal challenges for the family, previously linked to the Delhi excise policy controversy.

(With inputs from agencies.)