ED Fines BCCI For INR 121 crores

The Enforcement Directorate declared the penalty of about Rs.121 crores on BCCI and other IPL officials on allegations of violation of FEMA act in IPL 2009. The former BCCI Chairman N. Sreenivasan, the IPL former Chairman Lalith Modi and some of the other associates of this scam have to pay the penalty according to the recent declaration.ED Fines BCCI For INR 121 crores

In addition to the fine of Rs.86.6 crores on BCCI, former BCCI chairman Sreenivasan is Penalized for Rs.11.56 crores. Former IPL Chairman Lalith Modi and former BCCI treasurer M.Pandove were imposed a fine of Rs. 10.65 crores and Rs.9.72 crores respectively. Apart from that, the State Bank of Travancore should pay the fine of Rs.7 crores.

These penalties were imposed on the above people on account of alleged violations of Foreign Exchange Management Act or FEMA during IPL 2009. The ED issued show cause notices in July 2011 to the BCCI on account of allegations of illegal transfer of Rs.243.45 crores to South Africa without prior permission of Reserve Bank of India during IPL season 2009.

The Bombay High Court allowed the Enforcement Directorate to summon the BCCI chairman Sreenivasan and other former BCCI officials including Manohar.  They are considered as the witnesses in the above case. Earlier in this March, the former BCCI officials including Sundar Raman and former IPL commissioner Chirayu Amin appeared before the court. They appeared before the Special Director of Enforcement Directorate on the context of the above allegations for cross-examination by the advocates of former IPL chairman Lalith Modi.

In addition to the above allegations, the IPL Ex-chairman Lalith Modi faced many allegations regarding corruption in the IPL contracts. The BCCI chairman N.Sreenivasan stepped down from his post due to the allegations of association with Lalith Modi and some other corrupt franchise owners of IPL.