Hyderabad (Telangana) [India]: BRS leader KT Rama Rao (KTR) has dismissed accusations of financial mismanagement and corruption in the Formula E race case, calling the event one of his proudest achievements as a Minister.
KTR Defends Formula E Hosting
Hosting Formula E in India/Telangana/Hyderabad remains one of my most cherished decisions as a Minister. The pride I felt, witnessing international racers & E-Mobility industry leaders praise our city, is memorable
— KTR (@KTRBRS) January 16, 2025
No amount of frivolous cases, cheap mudslinging, or political…
Taking to social media, KTR praised the impact of hosting the international event in Hyderabad, emphasizing its importance in promoting the city on the global stage.
“Hosting Formula E in India/Telangana/Hyderabad remains one of my most cherished decisions as a Minister. The pride I felt, witnessing international racers and E-Mobility industry leaders praise our city, is memorable. No amount of frivolous cases, cheap mudslinging, or political witch-hunting can erase that sense of accomplishment,” KTR wrote on X.
He further highlighted that “Brand Hyderabad is paramount—yesterday, today, tomorrow, and always.”
Rebuttal of Corruption Allegations
The BRS leader denied allegations of financial irregularities, stating that Rs 46 crore was paid to Formula E Operations Limited (FEO) through a transparent, bank-to-bank transaction. He questioned the basis of corruption allegations and accused Congress leaders, including CM Revanth Reddy, of causing financial loss by canceling the second year of the event.
“Not a single rupee was misappropriated, and every rupee is accounted for. The cancellation of the second year of the event has caused a loss to the exchequer,” he added.
Political Vendetta Claims
KTR criticized the Congress government, accusing them of malicious intent and political vendetta.
“Driven by malice, the Congress Government is bent on dragging well-documented events through the courts and investigating agencies. I am confident that the truth will soon be revealed for all to see,” he said, reiterating his commitment to fight for justice.
ED Investigation and Previous Statements
KTR is scheduled to appear before the Enforcement Directorate (ED) in connection with the Formula E case. The ED has registered an enforcement case information report (ECIR) under the Prevention of Money Laundering Act (PMLA) after the Telangana ACB filed an FIR against KTR and others regarding Formula E funding.
KTR previously appeared before the ACB on January 9, where he was questioned for over seven hours. Following that, he claimed, “Despite the lack of evidence, I was repeatedly asked the same questions.”
As the investigation continues, KTR remains resolute in defending his decisions and promoting Hyderabad as an international hub for innovation and sports.