Formula E Photo: X | FIAFormulaE Formula E Photo: X | FIAFormulaE The 2023 Formula E race in Hyderabadsuper jili, one of the most important events in India's motorsport calendar, has become the center of a political controversy in Telangana. The state government alleges that Greenko, the company that organized the event, engaged in a quid pro quo arrangement with the Bharat Rashtra Samithi (BRS) party. (More Motorsport News)
The Greenko Group's offices in Hyderabad faced raids by the Telangana Anti-Corruption Bureau (ACB), on Tuesday for the financial irregularities under PMLA (Prevention Of Money Laundering Act 2002).
Formula E Race controversy explained In Five Points:1. Allegations
The allegations on the Greenko company are that they and their subsidiaries have donated ₹41 crore to the BRS party through electoral bonds, with 26 transactions occurring between April and October 2022.
2. Unapproved Financial Transactions:
Reportedly, the Hyderabad Metropolitan Development Authority (HMDA) made payments of around ₹54.88 crore to Formula E Operations Limited without adhering to established legal financial procedures. The payments were made without obtaining the necessary administrative approvals or the concurrence of the Finance Department, which is mandatory for expenditures exceeding ₹10 crore.
3. Investigations into Greenko Group:
According to the reports, the ACB has conducted searches at the offices of the Greenko Group which is a renewable energy company that sponsored the Formula E event through its subsidiary Ace Nxt Gen Private Limited.
Now, the top four teams have entered the semifinals and the last two teams will have to fight for the fifth spot on the table. India have won all of their five matches. Pakistan are second with two wins and two draws.
South Korea, meanwhile, are placed fourth in the standings with 6 points, with one win, three draws, and one loss. They were surpassed by China, who secured 2 wins and as many points. Korea’s season began with a 5-5 draw against Japan, followed by a 2-2 draw with Pakistan, their first victory with a 3-2 win over China, 3-1 loss at the hands of India and a 3-3 draw against Malaysia in their final pool match.
4. Cancellation of Future Events
This controversy has affected the future of Formula E in India as the Formula E Operations Limited has cancelled the planned Hyderabad E-Prix.
5. Political Repercussions
casino no deposit bonus 2022The opposition parties are calling for a comprehensive investigation into the matter, which has escalated political turmoil in Telangana. The matter got intense especially when the BRS leader K.T. Rama Rao, who was present to record a statement, refused to entersuper jili, alleging that the agency was not allowing his lawyer to be present during the proceedings.