No financial irregularities in Formula E race: KTR

Hyderabad: The BRS working president KT Rama Rao on Thursday provided detailed answers to several aspects during the prolonged interrogation at the ED office.

KTR clarified that there were no financial irregularities, misappropriations, or corruption involved in the entire process. All funds transferred from the government to the Formula-E organisers were accounted for, with clear records. He emphasised that the funds reached the organisation directly, eliminating any scope for corruption.

Under this policy, the state initiated the Telangana Mobility Valley and conducted the Formula-E race as part of a long-term agenda to promote EV manufacturing and attract investments in the sector. KTR emphasised that the Formula-E race, organised by the state government, not only benefited Telangana but also enhanced the nation’s reputation.

KTR assures ED of full cooperation

KTR provided detailed answers to several aspects during the prolonged interrogation at the ED office. He responded to all the questions posed by the ED and assured them that he would attend any future inquiries and answer all their questions. KTR submitted two documents to the ED on Thursday and obtained a receipt. These include a report prepared by Nielsen on Formula-E and Telangana Electric Vehicle Policy-2020. The Nielsen’s report stated that the event generated $82 million in economic benefits for the state's economy. He also shared a copy of the Telangana Electric Vehicle (EV) Policy, announced by the government in October 2020, explaining that it aimed to establish Telangana as the hub of mobility with alternative fuel resources and a grand vision for the mobility sector.

During the inquiry, ED officials sought further information, including details of KTR's personal bank accounts and assets. KTR assured the ED that he would provide all the requested details.