Hyderabad: ED Investigates Formula-E Race Case, Summons Former HMDA Engineer
The Enforcement Directorate (ED) has intensified its probe into the Formula-E race case in Hyderabad. As part of the investigation, the ED has summoned BLN Reddy, a former Chief Engineer of the Hyderabad Metropolitan Development Authority (HMDA). The case revolves around alleged money laundering and violations of the Foreign Exchange Management Act (FEMA).
BLN Reddy is accused of playing a key role in managing funds linked to the case. These transactions have raised concerns about financial irregularities and procedural lapses in organizing the international Formula-E racing event. ED officials are preparing to question him to better understand the financial dealings and his involvement in the alleged violations.
The investigation is gaining momentum as the ED examines multiple aspects of the case. This includes probing potential money laundering and illegal foreign transactions. Sources suggest that the agency is focused on uncovering the extent of financial misconduct, with particular attention on BLN Reddy’s role.
This case is part of the ED’s broader efforts to enforce financial regulations and ensure accountability for economic offenses. Updates on the interrogation and the progress of the investigation are expected in the coming days.
