ED registers PMLA case against BRS leader over graft charges
The ED on Friday registered a case against Bharat Rashtra Samithi (BRS) working president and former Telangana minister KT Rama Rao in connection with the alleged money laundering
The Enforcement Directorate (ED) on Friday registered a case against Bharat Rashtra Samithi (BRS) working president and former Telangana minister KT Rama Rao in connection with the alleged money laundering in making payments to London-based Formula E Operations (FEO) for conducting Formula E races in Hyderabad, people familiar with the matter said.
The development comes within a day of the Telangana Anti-Corruption Bureau registering a First Information Report (FIR) against KTR for alleged financial irregularities to the tune of ₹55 crore in the conduct of Formula-E car race in Hyderabad.
The ED registered an Enforcement Case Information Report (ECIR), similar to the FIR filed by the ACB, against KTR, senior IAS officer Arvind Kumar and retired engineering official of Hyderabad Metropolitan Development Authority (HMDA) BLN Reddy.
The ED registered the case under the Prevention of Money Laundering Act (PMLA) suspecting money laundering in the payments made to the Formula E race organisers, which was supposed to hold the season 10 of the race in February 2024, but withdrew from the event due to lack of response from the present Congress government headed by chief minister A Revanth Reddy.
The ED would also examine potential violations under the Foreign Exchange Management Act (FEMA), if any, a police official familiar with the development said.
The case revolves around the transfer of ₹55 crore from Hyderabad Metropolitan Development Authority (HMDA) funds to FEO without proper approvals.
Earlier, the ED authorities wrote to the ACB authorities to furnish all the details pertaining to the case, the official added.
