FORMER chief engineer of Hyderabad Metropolitan Development Authority (HMDA) BLN Reddy appeared before the Enforcement Directorate (ED) on Wednesday in connection with the Formula-E race case.
The ED is investigating the transfer of â¹55 crore in foreign exchange, including taxes, to London-based Formula E Operations Ltd's account in October 2023 in violation of the provisions of the Foreign Exchange Management Act (FEMA) and Prevention of Money Laundering Act (PMLA).
According to sources, the central probe agency questioned Reddy for about nine hours on different aspects of the transfer of money, including why no clearance was taken from the Reserve Bank of India (RBI). Sources stated that Reddy told the officials that money was transferred online and that income tax was deducted and paid to the department.
The officials wanted to know who had ordered the transfer of the funds and whether there were any written orders to him from any authority in the government.
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