KTR calls hosting Formula E a "cherished decision", denies allegations of corruption

Hyderabad (Telangana) [India], January 16 (ANI): BRS leader KT Rama Rao (KTR) on Thursday dismissed accusations of financial mismanagement and corruption over the Formula E race case, emphasizing that hosting the event in Telangana remains one of his most cherished decisions as a Minister.
In a post on X, KTR criticized political opponents, particularly Congress, for attempting to tarnish the initiative.
"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. No amount of frivolous cases, cheap mudslinging, or political witch-hunting can erase that sense of accomplishment," he said.
"For me, Brand Hyderabad is paramount- yesterday, today, tomorrow, and always. Formula E elevated our city on the international sporting stage. It takes vision, passion, and genuine love for one's city & state to understand the significance of such initiatives," he added.
The BRS leader also asserted that Rs 46 crore was paid to Formula E Operations Limited (FEO) through a transparent bank-to-bank transaction.
"Not a single rupee was misappropriated & every rupee is accounted for. Where is the alleged corruption, misappropriation, money laundering? If anything, the short-sightedness of CM Revanth Reddy & his thoughtless, unilateral decision to cancel the second year of the event has caused a loss to the exchequer," he said on X.
Attacking the Congress government, KTR said that even though there is no wrongdoing, driven by malice and political vendetta, the Congress Government is bent on dragging these well-documented events through the courts and investigating agencies.
"I am confident that the truth will soon be revealed for all to see, including the honourable courts Until then, we'll continue to fight for justice," the BRS leader said.
KT Rama Rao will appear before the Enforcement Directorate today, in connection with the Formula-e case.
The Enforcement Directorate (ED) has also registered an enforcement case information report (ECIR) under the Prevention of Money Laundering Act (PMLA) against KTR and others in the case. The ED filed the ECIR after the Telangana ACB registered a First Information Report (FIR) against KTR and others in the Formula-E funding case.
Earlier, after his appearance before ACB on January 9, in connection with the Formula-E race case, KTR claimed that he was repeatedly asked the same questions for over seven hours, despite having no substantial evidence to back the charges. (ANI)