HYDERABAD: Sleuths of the Anti-Corruption Bureau (ACB) carried out searches at the offices of companies related to the Greenko Group located in Hyderabad and Machilipatnam on Tuesday as part of its investigation into the allegations of irregularities in conducting the Formula-E race. Officials suspect that Electoral Bonds donated to the BRS in 2022 may be linked to the sponsorship of the Formula-E race, which involved Greenko in a tri-party agreement.
According to ACB sources, three teams conducted searches at the offices of Ace Nxt Gen in Madhapur, and Greenko Energy in Machilipatnam.
The agency suspects that companies related to Greenko donated Rs 31 crore in April 2022 and Rs 10 crore in October 2022, ahead of the tri-party agreement signed on October 25 of that year. Officials are investigating whether the Electoral Bonds were part of any quid pro quo between the BRS and Greenko.
The companies linked to Greenko that made donations to BRS include Achintya Solar Power Pvt Ltd, Greenko Budhil Hydro Power Pvt Ltd, Sanola Wind Projects Pvt Ltd, and Aashman Energy Pvt Ltd, among others.
Season 9 of the Formula-E race (E-9) was held in February 2023, with the next race planned for February 2024. However, disputes reportedly arose between Formula-E Operations (FEO) and Ace Nxt Gen. This led to the latter withdrawing its sponsorship. Subsequently, the Hyderabad Metropolitan Development Authority (HMDA) engaged in discussions with FEO and released Rs 46 crore without obtaining approval from the Finance department or the state Cabinet.
The funds were allegedly released on the instructions of then Municipal Administration Minister KT Rama Rao, with IAS officer Arvind Kumar authorising the transfer through HMDA. BLN Reddy, who was the HMDA chief engineer at that time, was responsible for the financial transactions of the Authority.
ACB teams are examining documents related to HMDA’s transactions from March 2022 to date, along with any monetary exchanges involving the FEO during 2022 and 2023.