Hyderabad: The Enforcement Directorate (ED) has ramped up its investigation into alleged financial irregularities tied to the Formula-E race that took place in Hyderabad. Officials have begun detailed inquiries to uncover possible violations of the Foreign Exchange Management Act (FEMA).
As part of the probe, former Hyderabad Metropolitan Development Authority (HMDA) Chief BLN Reddy has been summoned for questioning today. Arvind Kumar, another senior official, is expected to appear before the ED tomorrow. In addition, Telangana Minister KT Rama Rao (KTR) is scheduled to face questioning on January 7.
The investigation centers on suspicions that the HMDA transferred funds to a foreign company in a manner that may breach FEMA guidelines. ED officials are working to collect evidence to confirm these allegations and assess whether there was any misuse of funds.
This development marks a crucial phase in the case, as the ED seeks to hold those responsible accountable and ensure compliance with financial laws. The outcome of the investigation could have significant implications for those involved.
