ACB Raids in Hyderabad Over Formula-E Race Case
The Anti-Corruption Bureau (ACB) has increased its efforts to investigate alleged irregularities in the Formula-E car race case after a recent High Court ruling. The ACB conducted multiple raids in Hyderabad, focusing on the offices of Greenko, a company involved in the race. Greenko is accused of making large contributions to the Bharat Rashtra Samithi (BRS) party through electoral bonds, raising concerns about possible quid pro quo transactions.
Reports suggest that Greenko paid ₹41 crore to the BRS party using ₹1 crore bonds issued on multiple occasions. Investigators suspect these payments may be linked to Greenko’s role as a partner in the Formula-E race. This has prompted the ACB to dig deeper into the financial ties between the company and the political party.
The raids were carried out at six locations in Hyderabad, including Greenko’s offices in areas like HiTech City and other premises. The ACB also targeted the offices of A.S. Next, a company that had previously partnered in the Formula-E race, to investigate potential financial irregularities.
In addition to corporate offices, the ACB searched the homes of senior officials connected to the case. This included IAS officer Aravind Kumar and BLN Reddy. These searches mark an escalation in the bureau’s efforts to uncover any illegal financial transactions tied to the high-profile racing event.
The case is still unfolding as the ACB continues its investigation into the financial links between corporations and political entities. This crackdown reflects a broader push for transparency and accountability amidst growing public concerns about political funding and corporate influence.
