Congress Ministers meet Greenko after accusing it in Formula-E race case

The Congress government in Telangana is facing criticism after senior ministers Ponguleti Srinivas Reddy and D Sridhar Babu met executives of Greenko at the World Economic Forum in Davos, even as the company is under investigation in the Formula-E race controversy.

Hyderabad: Even as the Congress government in Telangana pursues a high-profile criminal investigation against Greenko in the Formula-E race controversy, senior ministers were seen engaging with representatives of the same company at the World Economic Forum in Davos, triggering questions over intent and political doublespeak.

Ministers Ponguleti Srinivas Reddy and D Sridhar Babu held meetings with executives of Hyderabad-based Greenko, which is currently under investigation by the Telangana Anti-Corruption Bureau (ACB) in the Formula-E race case.

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They appeared to be courting the company abroad as potential partners or investors, while witch-hunting the same company back home as part of the Revanth Reddy government’s political vendetta against the then Municipal Minister and BRS working president KT Rama Rao in the case.

The controversy deepened with the presence of Andhra Pradesh BJP MP CM Ramesh along with Ponguleti Srinivas Reddy’s son Harsha in the meeting. Their participation has fuelled speculation on whether the Davos interaction was a routine investment outreach or had any other motives. Ironically, the authorities released a photograph of the meeting, but did not reveal further details of its agenda or outcome.

Soon after assuming power, the Revanth Reddy government cancelled the prestigious Formula-E race event, alleging irregularities and accusing Rama Rao of misusing government funds amounting to Rs 55 crore to benefit the Greenko Group and in return, gained electoral bonds worth Rs.41 crore from the company.

Apart from pursuing the ACB case against Rama Rao, the authorities conducted raids at Greenko Group offices in Hyderabad and Andhra Pradesh over alleged irregularities related to Formula-E race sponsorship. Greenko Managing Director Anil Kumar Chalamalasetty was also questioned in this regard.

Through a subsidiary, Greenko entered a tripartite agreement with the then BRS government on October 25, 2022, to sponsor Season 9 of the event but later withdrew.

Critics argued that the Davos meeting exposed contradictions in that Congress narrative where the government was pursuing criminal cases domestically, while engaging the same entities on international platforms.

“If Greenko is culpable, why engage with it? And if the engagement is legitimate, why pursue criminal action?” has become a recurring question.