Formula E-Car Race Case: ACB Submits Report, Probe Highlights Major Irregularities

Hyderabad, Sept 13 (Maxim News): A key development has taken place in the Formula E-car race case.  The ACB report has been submitted to the Vigilance Commission.

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The Vigilance Commission will take a decision on the file in two days and submit a report to the government. The report will be sent back to the ACB from the government. It is noteworthy that there will be a final report on the prosecution of KTR, IAS Arvind, and BLN Reddy. A Formula E-car race was organized near Hussain Sagar in February 2022 during the BRS government.

A tripartite agreement was signed on october 25, 2022, between Britain-based Formula E-Operations, Hyderabad-based GreenCo sister company Ace NextGen, and the Municipal Administration and Urban Development (MAUD) for electric car racing. According to this, Rs. 600 crore is to be spent over three years for four seasons. As part of this, MAUD is to provide other infrastructure, including track construction, for seasons 9, 10, 11 and 12 in the Hussain Sagar area.

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Season 9 was held on February 11, 2023,  due to various reasons, differences arose between Ace NextGen and Formula E-Operations. The Company informed the government that it was stopping the car race due to non-payment of the money due to Formula-E Operations. With this, on the orders of the then Municipal minister KTR, IAS Arvind Kumar, Formula – E Operations and MAUD entered into another new agreement on october 30, 2023. The agreement stated that a total of Rs. 110 crore would be paid for the event, including sponsor fees and taxes. An undertaking was taken to spend another Rs. 50 crore for municipal services and civil works for the event.

HMDA Transfers ₹45.7 Cr to Formula E Amid Poll Code

A unilateral decision was taken to pay a total of Rs. 160 crores through the HMDA Board, which has no connection whatsoever.  The Assembly Elections Model Code of Conduct was already in force.  No permission was taken from the EC in this regard.  Despite the code being in force, on October 3rd and 11th, 2023, the HMDA Board transferred Rs. 45,71,60,625 in foreign currency from the general funds to Formula-E Operations inconnection with the management of Season 10.

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The IT department has imposed a fine of Rs. 8.07 crore on HMDA for foreign transactions in violation of RBI norms.  In this entire affair, a total of Rs. 54,88,87,043 were misused from the HMDA board treasury.  It is learnt that the ACB has clarified in its report that the affair was stopped at Rs. 54.88 crore as the Congress government had already come to power, otherwise a scam of Rs. 600 crore would have taken place.  (Maxim News)

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