A chargesheet has been filed by the Telangana Anti-Corruption Bureau (ACB) in relation to financial irregularities that are reported to have been involved in the 2023 Formula E race hosted by Hyderabad. K. T. Rama Rao, the former minister and acting president of the Bharat Rashtra Samithi (BRS) has been identified as the key suspect in the case, according to officials.
Other accused people include the senior IAS officer Arvind Kumar, the former Hyderabad Metropolitan Development Authority (HMDA) chief engineer B L N Reddy, sports consultant Kiran Malleswar Rao and Formula E Operations (FEO) based in the UK. The police said that the investigation was finished and the court will now rule on whether to take cognisance of the case and continue with trial.
An FIR of the case was filed on December 19, 2024, under the provisions of the Prevention of Corruption Act, and the charges of a criminal breach of trust and conspiracy were pursued under the Indian Penal Code. According to the claims by the FIR, there were financial irregularities costing about ₹54.88 crore in hosting the Formula E event.
In October 2022, a tripartite agreement between Formula E Operations, Ace Nxt Gen (a subsidiary of the Greenko Group) and the municipal administration department of the state was signed to host several seasons of the racing event in Hyderabad. Although Season 9 was effectively run in February 2023, there have been controversies, with the sponsor pulling out of future editions.
Authorities are currently investigating the supposed mishandling of funds and lapse in procedures in the implementation of the deal.