ACB Raids Greenko Offices in Formula E Racing Case

In connection with allegations of corruption surrounding the Formula E racing event held in Telangana, the Anti-Corruption Bureau (ACB) conducted raids on Greenko's offices on Tuesday morning. The investigation is focused on a financial arrangement between the then BRS government and Greenko, signed in October 2022, for organizing the Formula E race in Hyderabad. Prior to this agreement, Greenko and its affiliate companies reportedly made significant donations to the BRS party in the form of electoral bonds. The opposition Congress party has alleged that this is a clear case of quid pro quo.

As part of the ongoing investigation, ACB officials raided Greenko's main office in Madhapur, Hyderabad, and a subsidiary office in Machilipatnam, Andhra Pradesh. A special team of ACB officers from Hyderabad reached Machilipatnam and conducted simultaneous searches at ACE Urban Developers, a company owned by Chalamasetty Sunil, a key figure linked to Greenko.

According to ACB sources, raids have been underway at the Madhapur office since Tuesday morning. The searches are also being carried out at Greenko’s affiliate, ‘ACE Next Gen.’ Officials are reportedly gathering documents and scrutinizing financial transactions related to the Formula E event.

The controversy stems from donations made by Greenko and its subsidiaries to the BRS party before and after the agreement. In April 2022, Greenko and its affiliates allegedly donated ₹31 crore to the party, followed by an additional ₹10 crore in October 2022. These donations have raised suspicions of favoritism in the awarding of the Formula E race contract. Congress leaders have accused the BRS government of engaging in corrupt practices and demanded a thorough investigation.