K.T. Rama Rao Appears Before ED in Formula E Race Case
K.T. Rama Rao (KTR), the Working President of the Bharat Rashtra Samithi (BRS), appeared before the Enforcement Directorate (ED) today in connection with the Formula E car race case, where he is listed as the prime accused (A1). KTR arrived at the ED office at 10:30 AM and underwent questioning for more than seven hours.
Sources reveal that during the session, KTR was granted a lunch break by the ED officials before the interrogation resumed. The focus of the inquiry centered on the transfer of ₹45 crore (approximately £4.5 million) to a foreign company without cabinet approval during the organization of the Formula E car race in Hyderabad.
The ED questioned KTR about the financial transactions related to the event, particularly regarding the decision to have the Hyderabad Metropolitan Development Authority (HMDA) as a partner for the second season of the race, replacing Ace Next, the partner from the first season. The investigation also delved into alleged violations of the Foreign Exchange Management Act (FEMA) concerning the fund transfers and possible irregularities in the HMDA’s financial dealings.
Despite speculation about a possible arrest, KTR was allowed to leave after the interrogation was completed, having signed statements related to the inquiry. He exited the ED office late in the evening, without any immediate action taken.
Meanwhile, a large number of BRS supporters gathered outside the ED office to show solidarity with KTR, prompting police to deploy heavy security to maintain public order and manage the crowd.
