Fraud in MotoGP India? FairStreet Sports Under Investigation in Greater Noida

Greater Noida: The name MotoGP might be familiar to many of you, similar to F1. Nine months ago, a MotoGP race was held at the Buddha International Circuit near Greater Noida. Recently, it has come to light that the company responsible for organizing the race, FairStreet Sports, is involved in a massive fraud. As a result, strict action is expected against the company any time now.

The Matter Has Been Raised With CM Yogi

The controversy surrounding the MotoGP race has reached the CM Yogi Adityanath. This is the first time in the country that MotoGP was organized, and the company responsible, FairStreet Sports, has been found guilty of fraud. A report has been prepared, and based on it, strict action is likely. A meeting was scheduled for June 16 to discuss the report, but it has been postponed for now.

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Irregularities were found in the race held in September at the Buddh International Circuit. Dr. Arun Vir Singh, CEO of the authority, is in charge of the investigation. The company faces several allegations, including non-payment to vendors and other issues. The investigation revealed that the company is heavily in debt, with its majority shareholder holding only 10 lakh rupees and a paid-up capital of just 1.27 lakh rupees.

Dr. Arun Vir Singh, CEO of YEIDA, has submitted the Investigation Report to the Government

Furthermore, discrepancies in payments to vendors and expenses for the race were discovered. The company was registered on May 12, 2022, and lacked prior experience in organizing such events. Despite this, it entered into a contract with Invest UP. On February 15, 2023, the company declared a total expenditure of 42.33 crore rupees, while the final amount owed to vendors was 41.09 crore rupees, excluding taxes. Additionally, the company claimed an expenditure of 45.06 crore rupees for hosting the race and organizing a track investor summit.

The Entire Investigation was Initiated on the Request of Jewar MLA Dhirendra Singh

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Series of Failures in the MotoGP Event

The MotoGP event in Greater Noida has been marred by a series of failures and lapses in oversight. Entrusting a newly registered company with no prior experience to manage such a significant event raises serious questions about the decision-making process of the involved authorities. The financial discrepancies and non-payment to vendors further highlight the need for stringent checks and accountability mechanisms in the future.

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