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Telangana ACB conducts raids on Greenko offices in Formula E investigation

On January 7, 2025, the Telangana Anti-Corruption Bureau (ACB) conducted raids at Greenko, a renewable energy company, in Hyderabad and Andhra Pradesh. The raids are part of an investigation into alleged financial irregularities related to the Hyderabad Formula E race. Greenko, through its subsidiary, was initially a sponsor but withdrew, creating financial problems for the race. The ACB is investigating discrepancies between sponsorship agreements and event funding. Greenko has also been linked to substantial political contributions to the Bharat Rashtra Samithi (BRS) through electoral bonds. The ACB's investigation is ongoing and the Telangana High Court has dismissed a petition by BRS working president K.T. Rama Rao (KTR) to quash the FIR in the Formula E case. KTR has been summoned for questioning by the ACB. The ACB's FIR accuses KTR, former Municipal Administration Secretary Arvind Kumar, and HMDA Chief Engineer B.L.N. Reddy of criminal conspiracy and misappropriation of funds.

12:10 PM Jan 07, 2025 IST | Neelima Eaty

Updated At - 01:04 PM Jan 07, 2025 IST

Telangana ACB Conducts Raids on Greenko Offices in Formula E Investigation

Hyderabad: On January 7, 2025, officials from the Telangana Anti-Corruption Bureau (ACB) conducted searches at the offices of Greenko, a prominent renewable energy company, in Hyderabad, as well as at several locations across Andhra Pradesh. These raids are part of a broader investigation into alleged financial irregularities associated with the Hyderabad Formula E race.

Greenko, through its subsidiary Ace Nxt Gen Private Limited, was initially involved as a sponsor for the event. However, Ace Nxt Gen withdrew from its commitments, creating financial and logistical challenges for the race.

The ACB's investigation focuses on potential discrepancies between sponsorship agreements and the event's funding. Greenko has also been linked to substantial political contributions to the Bharat Rashtra Samithi (BRS) through electoral bonds.

According to the reports, Greenko and its associated companies purchased electoral bonds worth around ₹117 crore, of which ₹49 crore was encashed by the BRS. Notably, before the Formula E agreement, Greenko purchased bonds totaling ₹19 crore, with ₹11 crore donated to the BRS.

Meanwhile, the Telangana High Court dismissed a petition filed by BRS working president K.T. Rama Rao (KTR) to quash the FIR in the Formula E case. The court's decision allows the ACB to continue its investigation. The court also rejected KTR’s request for a 10-day protection from arrest.

KTR, who served as the Municipal Administration Minister during the Formula E event in February 2023, has been summoned by the ACB for questioning on January 6, 2025. The ACB's FIR, filed on December 19, 2024, accuses KTR, former Municipal Administration Secretary Arvind Kumar, and HMDA Chief Engineer B.L.N. Reddy of criminal conspiracy and misappropriation of funds. The case is registered under the Prevention of Corruption Act and the Indian Penal Code.

Telangana ACB Conducts Searches on Greenko in Formula E Race Investigation
The Anti-Corruption Bureau (ACB) of Telangana has intensified its investigation into alleged financial irregularities associated with the Hyderabad Formula E race. On January 7, 2025, ACB officials…
— Sudhakar Udumula (@sudhakarudumula) January 7, 2025

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