KTR As A1 In Formula E Scam: ED To Get Involved?

BRS working president and the former IT minister of Telangana, KTR finds himself in the midst of a legal mess as he has been named in the infamous Formula E scam. The ACB named him as the A1 in this financial fraud case while IAS officer Aravind Kumar is implicated as A2.

While things are shaping up in such a way that the ACB could soon initiate legal action against KTR, another new development has now started to gain the attention.

Apparently, the Enforcement Directorate(ED) could also get involved with the case very soon. According to Media reports, the ED has asked for the FIR details that are lodged against KTR and they two will be seeking a legal recourse on this financial fraud matter.

Reportedly, the ED could file 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.

The ED could also be enforcing Foreign Exchange Management Act (FEMA), if applicable. If both PMLA and FEMA charges are filed against KTR in this case, the legal course of action could get pretty serious.

The primary complaint here is that KTR verbally consented a fiscal transaction of ₹55 crore to a foreign company without any approval from the state cabinet or the finance department. This money was allegedly transferred to the company that is associated with the alleged Formula E scandal.

It appears that both ACB and ED could be simultaneously investigating the case. It must be noted that the ED had arrested KTR’s sister Kavitha earlier this year in the Delhi liquor scam. Now the focus is on KTR in the Formula E case.