The Anti-Corruption Bureau (ACB) in Telangana will file a chargesheet in the Formula E case this week, naming Bharat Rashtra Samithi labor president and former minister KT Ram Rao as accused number three in the case.
The indictment follows an investigation into alleged misappropriation of public funds in connection with the holding of the Formula E race in Hyderabad.
Senior IAS officer Arvind Kumar and former Hyderabad Metropolitan Development Authority chief engineer BLN Reddy are to be named as accused number 1 (A1) and A2 in the case.
According to officials, the case stems from a complaint filed on 18 October 2024 by M. Dana Kishore, Principal Secretary, Department of Municipal Administration and Urban Development, alleging a loss of ₹54.88 crore to the exchequer.
ACB registered a case on 19 December 2024 alleging that ₹45.7 crore was transferred to Formula E Operations Limited between September and October 2023, even after the company terminated its agreement with the Telangana government. Investigators said the transfer also resulted in an additional tax burden of ₹8.06 crore on the Hyderabad Metropolitan Development Authority.
Officials said a tripartite agreement signed in October 2022 between the state government, Formula E Operations Limited and Ace Nxt Gen Pvt. Ltd. limited the financial responsibility of the government. However, following disputes between the organizer and sponsor of the event, the state allegedly took over the financial responsibility without obtaining mandatory approvals from the government or the finance department.
Published – 23 March 2026 23:23 IST
