Hyderabad, Jan 7 Intensifying its probe into Formula-E race case, the Telangana Anti-Corruption Bureau (ACB) on Tuesday conducted searches at the offices of Greenko Group companies.
The officials of the anti-graft agency have been searching the premises of Ace Nxt Gen in Madhapur since Tuesday morning.
The searches were also on at Ace Urban Race and Ace Urban Developers. A team of ACB officials was also searching the premises of Greenko Energy at Machilipatnam in neighbouring Andhra Pradesh.
The ACB is probing the alleged financial irregularities in the Formula-E race conducted in Hyderabad in 2023 when Bharat Rashtra Samithi (BRS) was in power. Greenko, a leading renewable energy company, through its subsidiary Ace Nxt Gen Private Limited, was initially involved as a sponsor for the Formula E race.
In October 2022, the Telangana government, Formula E Operations (FEO), and Ace Nxt Gen Pvt. Ltd. signed a tripartite agreement for season 10 of the Formula E race.
However, following a dispute with FEO, Ace Nxt Gen pulled out of the event as its sponsor.
The state government later assumed financial liability and made payments to FEO through the Hyderabad Metropolitan Development Authority (HMDA), allegedly without regulatory approvals.
The ACB last month registered an FIR against BRS working president and former minister K. T. Rama Rao, Special Chief Secretary Arvind Kumar and former Chief Engineer of HMDA B.L.N. Reddy.
The ACB raids on Ace Nxt Gen and sister firms are believed to be aimed at gathering evidence related to sponsorship agreements. The agency is trying to find out the reasons for Ace Nxt pulling out of the event.
The raids also came amid reports that Greenko made significant contributions to the BRS. Greenko and its associated firms purchased electoral bonds worth approximately Rs. 117 crore. The BRS reportedly encashed Rs.41 crore.
Six months before the Formula-E agreement these companies had purchased electoral bonds of Rs 19 crore. There have been allegations of a quid pro quo. K. T. Rama Rao on Monday termed baseless the allegations that Greenko extended financial benefits of Rs 41 crore to BRS through electoral bonds.
He said the same company had purchased electoral bonds from the Congress and the BJP.
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