ACB Investigates Major Financial Irregularities Linked to Formula E Race in Telangana and Andhra Pradesh - PRESS AI WORLD
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ACB Investigates Major Financial Irregularities Linked to Formula E Race in Telangana and Andhra Pradesh

share-iconPublished: Wednesday, January 08 share-iconUpdated: Wednesday, January 08 comment-icon10 months ago
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INDIATIMES
ACB Investigates Major Financial Irregularities Linked to Formula E Race in Telangana and Andhra Pradesh

Credited from: INDIATIMES

  • The Anti-Corruption Bureau (ACB) has conducted raids on Ace Nxt Gen Pvt Ltd and two other companies in Hyderabad and Machilipatnam related to the Formula E race.
  • The investigation focuses on the alleged illegal transfer of 55 crore to Formula E Operations (FEO) during the race planning.
  • Reports indicate that Ace Nxt Gen secured a 90 crore loan from its purported sister company before sponsoring the first race.
  • Further scrutiny revealed connections among the three firms, suggesting possible collusion in the financial transactions.
  • Former special chief secretary Arvind Kumar is expected to appear before the ACB as part of the ongoing investigations.

For more details, visit the original article here.

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