ED Accelerates Probe in Formula-E Race Case

Hyderabad : The Enforcement Directorate (ED) has intensified its investigation into alleged financial irregularities related to the Formula-E race held in Hyderabad. Starting today, ED officials are conducting detailed inquiries to uncover potential violations of the Foreign Exchange Management Act (FEMA).

Former HMDA Chief BLN Reddy has been summoned for questioning today. Arvind Kumar, another senior official, is expected to appear before the ED tomorrow. Additionally, Telangana Minister KT Rama Rao (KTR) is scheduled to face questioning on January 7.

The investigation focuses on the alleged transfer of funds by the Hyderabad Metropolitan Development Authority (HMDA) to a foreign company, raising concerns of FEMA violations. ED officials are reportedly gathering evidence to substantiate these allegations and determine whether the funds were misused. This development marks a significant turn in the case, as the ED aims to establish accountability and ensure compliance with financial regulations.