ED Summons Former HMDA Chief Engineer in Formula-E Race Case

Hyderabad: The Enforcement Directorate (ED) has intensified its investigation into the high-profile Formula-E race case, summoning BLN Reddy, the former Chief Engineer of the Hyderabad Metropolitan Development Authority (HMDA). The probe focuses on allegations of money laundering and violations of the Foreign Exchange Management Act (FEMA).

BLN Reddy is alleged to have played a crucial role in the transfer of funds related to the case, which has raised concerns about financial irregularities and procedural lapses in organizing the global Formula-E racing event in Hyderabad. The ED officials are set to question him shortly, seeking clarity on the monetary transactions and his involvement in the alleged violations.

The investigation comes amid mounting scrutiny over the event’s financial dealings, with the ED exploring multiple angles, including potential money laundering and illegal foreign transactions. Sources suggest that the agency is determined to uncover the extent of financial misconduct, focusing on BLN Reddy’s role in the matter.

This development follows the ED's ongoing efforts to ensure compliance with financial regulations and its commitment to holding individuals accountable for economic offenses. Further updates on the interrogation and the case’s progress are awaited.