ACB Notice To Ace Nextgen To Appear For Hearing In Formula E-Race Case Scam On Jan 18
Hyderabad, Jan 16 (Maxim News): The Anti-corruption Bureau (ACB) is set to conduct a second round of investigation into the Formula-E Car race scam. The ACB focused on the Ace Next Gen affair, which was the first promoter in the race. It has issued notices to appear for questioning on the 18th of this month.
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It is known that former minister K.Tarak Rama Rao, senior IAS officer Arvind Kumar, and retired HMDA Chief Engineer BLN Reddy have already been questioned.
According to the first agreement signed on October 25, 2022, Ace nextGen was to bear the operating costs of Season 9, 10, 11, and 12 races. The Season-9 race was held in Hyderabad on February 10 and 11, 2023.
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Later, for the Season-10 race to be held in February 2024. 50% of the money (Rs. 90 crores) was to be paid to Formula-E Operations (FEO) by May 2023, but Ace NextGen did not come forward. It raised its hands saying that it had suffered a loss with Season-9.
As a result, the then Minister K.Tarak Rama Rao ordered HMDa to play the role of promoter, and HMDA transferred Rs. 45.71 crore to FEO on October 5 and 11, 2023.
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This matter has now become a source of controversy. The ACB is also investigating the failure to take any action against Ace Next Gen, which has shirked its responsibility. (Maxim News)
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