During the investigation, sources said officials collected documentary evidence regarding the lack of approvals for sanctioning the HMDA funds — either from the finance department or the state Cabinet.
Hyderabad: The investigation into the Formula E racing irregularities case is moving at a snail’s pace, even months after Anti-Corruption Bureau (ACB) officials questioned the accused and recorded their statements.
Although the ACB officials, including the investigating officers, who have been instructed by their superiors not to share information with the media, remained tight-lipped, it was reported that the ACB collected evidence by questioning the accused in the case and obtained bank statements from the HMDA and bank authorities regarding the transfer of `54 crore to Formula E Racing Private Limited.
The ACB registered cases against former minister K.T. Rama Rao, senior IAS officer and former special chief secretary to the municipal administration and urban development department Arvind Kumar, and retired HMDA employee B.L.N. Reddy.
During the investigation, sources said officials collected documentary evidence regarding the lack of approvals for sanctioning the HMDA funds — either from the finance department or the state Cabinet. The agency also examined whether any of the accused obtained undue advantages from the event organisers or investors following the transfer of HMDA funds.
The sources said that the investigating officer obtained documentary evidence from the Indian Overseas Bank (IOB) branch in Himayatnagar, where HMDA officials had transferred `54 crore in a phased manner to Formula E Racing Private Limited. It was also reported that the agency verified the statements recorded during the questioning of the accused.
“The case is still under investigation, and agencies like the ACB will proceed based on proper evidence,” the sources said.
Given the seriousness of the offence, it was also reported that the ACB is obtaining legal opinion to proceed further based on the available evidence. During their questioning Arvind Kumar and B.L.N. Reddy reportedly told the agency that they transferred the funds based on instructions.
Box: Timeline
October 18, 2024: MAUD principal secretary Dana Kishore lodged a complaint with ACB officials in connection with Formula E Racing irregularities.
December 16, 2024: The government received the Governor's permission to initiate the investigation into the case.
December 19, 2024: The ACB registered cases against K.T. Rama Rao, IAS officer Arvind Kumar and HMDA officer BLN Reddy.
January 8, 2025: The senior IAS officer appeared before the ACB, and the agency questioned the recording statement.
January 9, 2025: KTR appeared before the agency for questioning.
January 10, 2025: BLN Reddy appeared before the agency for questioning.
February 17, 2025: The ACB officials questioned Formula E Racing Ltd management through video conference.
