Home / Cricket / For FEMA Violations ED Slaps Penalty of Rs 121 Cr To BCCI, N Srinivasan , Lalit Modi

For FEMA Violations ED Slaps Penalty of Rs 121 Cr To BCCI, N Srinivasan , Lalit Modi

File Picture Courtesy : Oneindia
File Picture Courtesy : Oneindia

The Enforcement Directorate has 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.

About Impactnews Desk

Check Also

BCCI Audio Broadcast Rights Bagged by Sports Flashes for Global Cricket Audience

Sports Flashes is the India’s biggest Multi-sports App which runs the Only 24×7 Sports Radio …

Leave a Reply

Your email address will not be published. Required fields are marked *