Hyderabad: Attacking BRS working president KT Rama Rao on the Formula-E race issue, Telangana Chief Minister A Revanth Reddy on Friday said about Rs 500 crore was saved with the state government deciding against further transfer of funds to the organisers.

Speaking in the Assembly, he said the organisers of the race met him in December, 2023, soon after he became chief minister. That is when he came to the issue, he said.

“He (Rama Rao) says Rs 55 crore. But, what they made (agreement) was to give Rs 600 crore. I caught (noticed) after Rs 55 crore was paid. This led to saving Rs 500 crore… Had I agreed (for transfer of funds), Rs 600 crore would have gone,” he said.

Reddy said he is not discussing the issue in detail as the ACB (Anti-Corruption Bureau) is now investigating the case and Rama Rao, also known as KTR, may take advantage of it in courts. However, he would soon explain the race issue in chronological order to people, he said.

The representatives of the organisers had told him about their understanding with the previous regime and sought his cooperation, he said.

Reddy said he decided against transfer of money from state government agencies to the organisers as the fund was meant to be used for development of Hyderabad and later on the complaint was made to ACB.

On Rao’s argument that the transfer of funds is well-known, he asked whether it made any sense if a cyber criminal says that the amount has been transferred from a victim’s account to his own account.

Reddy said he is ready for a debate on the race issue either in the Assembly or even in BRS office after taking stock of the matter in court.

The ACB on Thursday registered a case against Rao over alleged payments, some of it in foreign currency allegedly without approvals, to conduct Formula-E race in Hyderabad during the previous BRS regime.

Rao, who was the Municipal Administration minister during the previous BRS regime, was instrumental in hosting the race last year in Hyderabad.

Though the race was supposed to be held in February this year as well, it was cancelled after the Congress government assumed office in December 2023.