IPL 2009: ED imposes penalty of Rs121 cr on BCCI, others
The Enforcement Directorate on Thursday said it has slapped a penalty of Rs 121 crore on BCCI, its former Chairman N. Srinivasan, former Indian Premier League (IPL) Commissioner Lalit Modi and others for alleged violation of the FEMA during second edition of the cash-rich Twenty-20 cricket tournament in South Africa.
 
An official said that the ED has levied a fine of Rs 121.56 crore in connection with its ongoing investigation into the alleged contravention of the Foreign Exchange Management Act (FEMA) in transferring Rs 243 crore to South Africa to host the second edition of the IPL in 2009.
 
The official said that the agency has levied a penalty of Rs 82.66 crore on the Board of Control for Cricket in India (BCCI), Rs 11.53 crore on its former boss Srinivasan, Rs 10.65 crore on Modi, Rs 9.72 crore on former BCCI treasurer M.P. Pandove, Rs 7 crore on the State Bank of Travancore and Rs 10 lakh penalty on then Chief Manager.
 
According to the agency officials, the investigation revealed that Rs 243 crore was transferred to the Cricket South Africa (CSA) in 2009 and this money was routed into another dedicated bank account opened by CSA in the name of CSA-IPL.
 
"Thereafter, by virtue of an agreement between BCCI and CSA, BCCI exercised full control over the operation of this foreign bank account thereby avoided scrutiny of these expenses by any Indian authority," the official said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

Comments
Ashok Senniappan
8 years ago
Penalty is no subsitute for a intentional fraud.Only spending couple of years in the birth place of Kriishna will country see a real reformation in a persons character
SUBHASH CHATTERJEE
8 years ago
Every aspect of Life has become so trivial in these times
Free Helpline
Legal Credit
Feedback