We saved a potential loss of Rs 600 crore by denying permission to Formula E-car race: CM
Hyderabad: Chief Minister A. Revanth Reddy said that the Formula E-car race scam was not limited to the Rs 55 crore that has already been paid but it could have resulted in losses of up to Rs 600 crore if the Congress government had not intervened.
Speaking in the Legislative Assembly on Friday, he said that the saving was ensured by the Congress government’s move to halt further fund transfers to the race organisers.
Reddy stated that he would present all details of the race scam in the House or release them to the public but refrained from elaborating further due to the ongoing ACB investigation.
The issue, he said, had reached the courts, with BRS working president K.T. Rama Rao seeking legal redress, which restricted him (Revanth Reddy) from speaking in detail on the matter.
Revanth Reddy revealed that the matter came to his attention in December 2023, shortly after assuming office as Chief Minister. Representatives of the Formula E organisers approached him, claiming an agreement with the previous BRS regime and requesting his cooperation. "They sought an indication of approval to extract `600 crore from the event," he pointed out.
The Chief Minister said that he had come to know that Rs 55 crore had already been transferred by the BRS government. Upon realising the potential scale of financial loss, he decided against transferring additional funds, citing the allocation’s original purpose for Hyderabad's development.
Subsequently, he directed officials to file a complaint with the ACB, initiating a formal investigation, Revanth Reddy said.
Taking a swipe at Rao, Revanth Reddy said: "Rama Rao claims the issue involves only ₹55 crore but the agreement would have burdened the state with Rs 600 crore if we had gone ahead with the car race."
Reddy likened Rao’s justification of the funds transfer to a cybercriminal defending theft by pointing out that the victim's money was indeed transferred. He invited BRS leaders to a debate on the matter, promising to reveal a detailed timeline of the alleged scam on the conclusion of the court proceedings.
The Chief Minister highlighted the Congress government’s commitment to transparency and accountability, challenging the BRS to an open debate in any forum, including the BRS office, on the issue. He said that the Formula E race issue had been under discussion for a year but was ignored in four previous Assembly sessions.
"Why is the BRS demanding a debate now? Is it because of their conspiracy to divert attention from other pressing issues like Dharani portal?" he questioned.
Reddy warned that his government would not tolerate misbehaviour by Opposition benches in the Assembly. He urged Speaker G. Prasad Kumar to take strict action against disruptions.
He also took a dig at BRS member T. Harish Rao and his party’s internal tensions.
"If Harish Rao doesn’t fight here in the Assembly, he’ll face the consequences at Chandrasekhar Rao’s residence. Sometimes, a leader has to endure whippings for the sake of the people," he quipped.
He pledged his full support to the Speaker in maintaining order and upholding legislative decorum.
