Controversy Surrounds Hyderabad Formula-E Payments: ED Summons KTR

The Enforcement Directorate has summoned KT Rama Rao, a Bharat Rashtra Samithi leader, for questioning in a money laundering case linked to the 2023 Hyderabad Formula-E race. The investigation involves alleged irregularities and foreign exchange violations concerning Rs 55 crore in payments made without proper approvals.

In a significant development, the Enforcement Directorate has called upon Bharat Rashtra Samithi leader KT Rama Rao for questioning. The inquiry pertains to a money laundering case tied to alleged irregular payments during a Formula-E race held in Hyderabad earlier this year.

Rama Rao, who holds a prominent political position as the son of former Telangana Chief Minister K Chandrashekhar Rao, is accused of facilitating payments totaling approximately Rs 55 crore, part of which was reportedly made in foreign currency without necessary approvals.

The investigation, guided by the Prevention of Money Laundering Act and Foreign Exchange Management Act, is being conducted in response to complaints from the Telangana Police Anti-Corruption Bureau. As tensions rise, Telangana Chief Minister A Revanth Reddy has also entered the conversation, critiquing the actions undertaken by the previous administration.

(With inputs from agencies.)