NOB- Telangana news: The Enforcement Directorate (ED) is preparing to register an Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act (PMLA) against former minister KTR and others over alleged financial irregularities linked to the Formula E race held in Hyderabad in February 2023. The case centers around the alleged unauthorized transfer of Rs.55 crore from the Hyderabad Metropolitan Development Authority (HMDA) to Formula E Operations (FEO) without proper approvals. The ED’s move follows an FIR filed by the Anti-Corruption Bureau (ACB) on 19.12.2024, naming KTR, currently the working president of the Bharat Rashtra Samithi (BRS), as Accused No. 1 (A-1). Other officials named in the FIR include former municipal administration special chief secretary Arvind Kumar (Accused No. 2) and HMDA chief engineer B.L.N. Reddy (Accused No. 3). An ED source confirmed plans to request a copy of the FIR from the ACB but noted that the ECIR will be registered even if the FIR is acquired through alternative channels. “We will initiate a case under the PMLA and explore possible violations under the Foreign Exchange Management Act (FEMA), if applicable,” the source said. The ACB FIR alleges that the Rs.55 crore, allocated for a second Formula E race in Hyderabad, was transferred under directives from KTR. The event was ultimately canceled after the Congress government assumed power in December 2023. Both the ACB and ED are now investigating alleged financial mismanagement and fund misuse. Telangana Governor Jishnu Dev Varma authorized the prosecution of KTR and Arvind Kumar on December 12, 2024, following consultation with the Attorney General. Subsequently, the state cabinet directed Chief Secretary Santhi Kumari to initiate an ACB probe into the allegations. KTR has denied any wrongdoing, asserting his willingness to face the allegations legally. He dismissed the accusations as politically motivated and challenged the Congress government to proceed with the investigation.