Dec 21, 2024 07:28 AM IST
The Enforcement Directorate (ED) on Friday registered a case in opposition to Bharat Rashtra Samithi (BRS) working president and former Telangana minister KT Rama Rao in reference to the alleged cash laundering in making funds to London-based Method E Operations (FEO) for conducting Method E races in Hyderabad, individuals accustomed to the matter mentioned.
The event comes inside a day of the Telangana Anti-Corruption Bureau registering a First Data Report (FIR) in opposition to KTR for alleged monetary irregularities to the tune of ₹55 crore within the conduct of Method-E automotive race in Hyderabad.
The ED registered an Enforcement Case Data Report (ECIR), much like the FIR filed by the ACB, in opposition to KTR, senior IAS officer Arvind Kumar and retired engineering official of Hyderabad Metropolitan Growth Authority (HMDA) BLN Reddy.
The ED registered the case underneath the Prevention of Cash Laundering Act (PMLA) suspecting cash laundering within the funds made to the Method E race organisers, which was supposed to carry the season 10 of the race in February 2024, however withdrew from the occasion attributable to lack of response from the current Congress authorities headed by chief minister A Revanth Reddy.
The ED would additionally study potential violations underneath the International Trade Administration Act (FEMA), if any, a police official accustomed to the event mentioned.
The case revolves across the switch of ₹55 crore from Hyderabad Metropolitan Growth Authority (HMDA) funds to FEO with out correct approvals.
Earlier, the ED authorities wrote to the ACB authorities to furnish all the main points pertaining to the case, the official added.
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