The Anti-Corruption Bureau (ACB) of the Telangana police is preparing to file a chargesheet in court this week in connection with the alleged irregularities in the Formula E car race held in Hyderabad, sources said.
The case that has generated significant political controversy in Telangana, involves Bharat Rashtra Samithi (BRS) working president and former minister K T Rama Rao (KTR), who is expected to be named as the primary accused (A1) in the chargesheet.
Senior officials indicated that the investigation is nearly complete and that filing the chargesheet is the next procedural step.
The ACB has already finalised the document and was awaiting approval from the Department of Personnel and Training (DoPT) to prosecute senior IAS officer Arvind Kumar, who is listed as the second accused (A2) in the case.
The Centre has now granted permission, which has been communicated to the state government and subsequently to the ACB, clearing the way for filing the chargesheet.
Investigators have gathered extensive electronic and digital evidence to substantiate allegations that the Formula E race caused a loss of Rs 75.88 crore to the Hyderabad Metropolitan Development Authority (HMDA).
The chargesheet is expected to include allegations that awarding race management responsibilities to Ace NextGen, a company that entered into an agreement with Formula E Operations, and the subsequent receipt of â¹45 crore in electoral bonds by the BRS constituted a quid pro quo arrangement.
Governor Jishnu Dev Varma had already granted sanction in November last year for the prosecution of KTR in the case.
The ACB had registered an FIR on December 18, 2024, based on which the Enforcement Directorate (ED) also initiated a parallel probe. Both agencies have questioned KTR, Arvind Kumar, and other individuals in connection with the investigation.
The Formula E race, conducted in February 2023 around Hussain Sagar near Lumbini Park during the previous BRS government’s tenure, was promoted as an international event that would enhance Hyderabad’s global profile and boost tourism.
However, from the outset, the project faced allegations of financial irregularities and procedural violations.
Critics, including opposition parties and civil society groups, alleged corruption in tendering and contractual agreements with private firms for track construction and event management.
One of the key allegations is that around Rs 54 crore was released for the event without cabinet approval.
The ACB has already submitted a report to the vigilance commission, and the ED has registered a separate case on alleged financial irregularities and money laundering aspects.
According to officials, the forthcoming chargesheet will accuse KTR and others of misappropriation of funds, fraud, criminal conspiracy, and actions that allegedly conferred undue benefits on private entities.