ACB Issues Notices to S Next Company in Formula E-Case

TPN Correspondent
Hyderabad, Jan 17: The Anti-Corruption Bureau (ACB) has intensified its investigation into the Formula E-case by issuing notices to S Next company. The company, which had an agreement to organize the race, later withdrew from the deal. The ACB has directed S Next representatives to appear for questioning on the 18th of this month.

As part of the probe, ACB officials have already questioned BRS Working President K.T. Rama Rao (KTR), former HMDA Commissioner Arvind Kumar, and HMDA Engineer-in-Chief BLN Reddy. The investigation is gaining momentum, with many speculating that the ACB is accelerating its efforts in the case.

According to the initial agreement signed on October 25, 2022, Ace NextGen had committed to covering the operating expenses for the Season 9, 10, 11, and 12 races. The Season 9 Formula E race was successfully held in Hyderabad on February 10 and 11, 2023. However, for the Season 10 race scheduled for February 2024, Ace NextGen was supposed to pay 50% of the required ₹90 crore to Formula E Operations (FEO) by May 2023. The company, however, failed to fulfill its commitment, leading to further scrutiny by the ACB.