ACB Intensifies Probe Into Formula-E Race Case: Raids Across Hyderabad

Hyderabad, Jan 7 (Maxim News): The Anti-Corruption Bureau (ACB) has ramped up its efforts following a recent High Court ruling, conducting a series of raids across multiple locations in Hyderabad. The ACB’s intensified investigation focuses on the Formula-E car race case, with several searches carried out at the offices of Greenko, a key player in the race.

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Greenko is alleged to have made significant contributions to the BRS in the form of electoral bonds, with claims of quid-pro-quo transactions. Greenko reportedly paid BRS a massive Rs. 41 crore in electoral bonds, issuing bonds of Rs. 1 crore each on multiple occasions. The ACB’s actions come amidst accusations that these financial transactions may have been tied to the company’s involvement in the Formula-E race, where it had a stake as a partner. The ACB conducted raids at six different locations in Hyderabad, including the offices of Greenko, located in prime areas like the HiTech City and the city’s Greenko premises.

The searches targeted the offices of A.S. Next, a company that had an earlier partnership in the Formula-E race case, with investigations focusing on possible financial irregularities. In addition to the raids at corporate offices, the ACB also searched the residences of senior officials involved in the case, including IAS officer Arvind Kumar and BLN Reddy, marking an escalation in the bureau’s efforts to uncover any illegal financial dealings linked to the Formula-E race.  The case continues to unfold as the ACB tightens its scrutiny on the financial entanglements between corporations and political entities, particularly in the context of the high-profile Formula-E racing event. The ACB’s crackdown signals a significant push towards transparency and accountability, following public concern about political funding and corporate influence.  (Maxim News)

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