Chargesheet to be filed in Formula E case this week

The Anti-Corruption Bureau (ACB) of Telangana will submit a chargesheet in the Formula E case this week, naming Bharat Rashtra Samithi working president and former minister K.T. Rama Rao as accused number three in the case.

The chargesheet follows an investigation into alleged misappropriation of public funds in connection with the conduct of the Formula E race in Hyderabad.

Senior IAS officer Arvind Kumar and former Hyderabad Metropolitan Development Authority chief engineer B.L.N. Reddy are to be named in the case as accused number 1 (A1) and A2.

According to officials, the case stems from a complaint filed on October 18, 2024 by M. Dana Kishore, Principal Secretary of the Municipal Administration and Urban Development department, alleging a loss of ₹54.88 crore to the State exchequer.

The ACB registered a case on December 19, 2024, stating that ₹45.7 crore was transferred to Formula E Operations Limited between September and October 2023, even after the company had terminated its agreement with the Telangana government. Investigators said the transfer also led to an additional tax burden of ₹8.06 crore on the Hyderabad Metropolitan Development Authority.

Officials said the tripartite agreement signed in October 2022 between the State government, Formula E Operations Limited and Ace Nxt Gen Pvt. Ltd. had capped the government’s financial liability. However, following disputes between the promoter and the event sponsor, the State allegedly assumed financial responsibility without obtaining mandatory approvals from the Cabinet or the Finance department.