The Congress-ruled Telangana government has revealed that Greenko, the company involved in sponsoring the Formula E race, had made substantial donations to the Bharat Rashtra Samithi (BRS) through electoral bonds.
The Anti-Corruption Bureau (ACB) has been probing the case since allegations surfaced of financial mismanagement during the Formula E race held in Hyderabad in February 2023.
The government’s latest revelation indicates that Greenko and its affiliated companies purchased electoral bonds amounting to ₹41 crore to the BRS, spread across 26 transactions between April 8 and October 10, 2022.
This money link has raised questions about potential quid pro quo arrangements, especially given the timing of the bond purchases during the initial planning stages of the Formula E race. The event, intended to elevate Hyderabad’s international profile, has become mired in controversy instead.
KTR being investigated
BRS working president KT Rama Rao, who was previously involved in municipal administration when the race was organized, has been central to this investigation. He was summoned by the ACB for questioning but reportedly attended with a legal team, leading to a standoff where he was not allowed to have his lawyers present during the questioning.
KTR has since submitted a written reply to the ACB, asserting his willingness to cooperate within legal bounds, but has challenged the allegations as part of a political campaign against him.
Meanwhile, the BRS has alleged that Greenko has contributed to both Congress and BJP via electoral bonds.
The case has also seen legal action, with the Telangana High Court reserving judgment on a petition by Rama Rao to quash the ACB’s FIR against him. The court has extended interim orders preventing his arrest until a decision is made.
Electoral bonds and transparency issues
The latest revelation has sparked a debate on the transparency and ethics of political funding via electoral bonds, especially in light of the Supreme Court’s earlier ruling on the scheme’s anonymity, which was deemed unconstitutional, leading to concerns that such financial ties could compromise the integrity of public contracts and events.
