Eight I-T investigation wings to look into IPL funds | delhi | Hindustan Times
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Eight I-T investigation wings to look into IPL funds

Eight investigation wings of the Income Tax department spread across the country will coordinate the probe into the source of IPL funds and bidding in an effort to gain further information on the financial details of franchises.

delhi Updated: Apr 20, 2010 23:18 IST

Eight investigation wings of the Income Tax department spread across the country will coordinate the probe into the source of IPL funds and bidding in an effort to gain further information on the financial details of franchises.

I-T investigation directorates in Pune, Kochi, Delhi, Bangalore, Hyderabad, Chandigarh, Kolkata and Mumbai have been galvanised into action after initial reports were sent to these offices from the information sourced by the I-T department in Mumbai from IPL Commissioner Lalit Modi's office and BCCI headquarters.

The directorates are expected to 'collect, source and obtain' financial details from various stakeholders in the IPL from across the country which figured in the bidding and share holding details collected by the department on April 15, sources said.

The Annual Information Return (AIR) of 'high value financial transactions' in regard to IPL is also being collected, they said.

"Our main concern is to obtain as much information as we can before taking further action and moving ahead with the probe. Certain details have been obtained. A corroboration is needed from other sources," a top I-T official said.

The department has also asked other enforcement agencies to provide details to it regarding the registration of companies and the financial clearances granted to the IPL franchises by banking organisations at various stages, they said.

Finance Minister Pranab Mukherjee had said yesterday that the entire IPL will be under scrutiny, including its funding, and vowed not to spare any 'wrong-doer'.

Mukherjee assured Parliament that "appropriate action as per law" would be taken if any wrongdoing was found in the manner the IPL was funded.

"The concerned department has already started investigation process (into the IPL episode). All aspects including sources of funding and routes through which the funds arrived would be looked into. Appropriate action as per law would be taken," Mukherjee had said.