KT Rama Rao Faces ACB Inquiry Over Alleged Financial Irregularities in Hyderabad Formula E Race

KT Rama Rao, the executive president of the Bharat Rashtra Samithi (BRS), appeared before the Telangana Anti-Corruption Bureau (ACB) on Monday regarding alleged financial irregularities linked to the Formula E race in Hyderabad. Prior to his arrival, he addressed the media from the Telangana Bhavan, launching a fierce critique against the Congress government and Chief Minister Revanth Reddy. KTR expressed his awareness of the possibility of arrest, stating, 'I know they will arrest me and send me to jail. Going to jail is not new for me; I have been imprisoned multiple times for Telangana.' He emphasized that he would not be deterred by politically motivated investigations.

The ACB is investigating the alleged misuse of ₹44-55 crores during the organization of the Formula E race in Hyderabad in 2023, which occurred under the BRS administration. The inquiry includes accusations that the Hyderabad Metropolitan Development Authority (HMDA) improperly transferred funds to London-based Formula E Operations (FEO) without following due process, even after the model code of conduct was in effect.

At the time of the event, KTR served as the Minister for Municipal Administration and Urban Development. He has been accused of instructing officials to ensure that HMDA cover the costs for a second edition of the event that never took place. KTR has denied any wrongdoing, asserting that the funds are 'fully in FEO's account' and described the investigation as 'a circus' aimed at distracting the public. He stated, 'As a law-abiding citizen, I will fully cooperate with the ACB officials.'