Telangana CM Alleges Financial Mismanagement in Formula-E Race Funding

Telangana Chief Minister A Revanth Reddy claims to have saved Rs 500 crore by halting further funds transfer to the Formula-E race organizers. Despite an agreement to provide Rs 600 crore, only Rs 55 crore was paid. The issue is under investigation by the Anti-Corruption Bureau.

Telangana Chief Minister A Revanth Reddy has raised accusations of financial mismanagement surrounding the Formula-E race funding. Reddy, addressing the state Assembly, alleged that Rs 500 crore of public funds were saved after halting further payments to race organizers.

According to Reddy, the original agreement committed the state to transfer Rs 600 crore, out of which only Rs 55 crore was disbursed before his intervention. He stopped additional transfers, claiming the funds were earmarked for Hyderabad's development.

The Anti-Corruption Bureau is currently investigating the case, which includes allegations of unauthorized payments in foreign currency under the previous BRS regime. Despite discussions, Reddy urged for a detailed explanation of the financial dealings.

(With inputs from agencies.)