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First off the block: ED registers case
The Enforcement Directorate (ED) on Tuesday registered a case against the Indian Premier League (IPL) teams under the Foreign Exchange Management Act (FEMA) to conduct an open inquiry into transfer of foreign funds The case was registered under a section that prohibits dealing in foreign exchange without the permission of the Reserve Bank of India.
The Enforcement Directorate (ED) on Tuesday registered a case against the Indian Premier League (IPL) teams under the Foreign Exchange Management Act (FEMA) to conduct an open inquiry into transfer of foreign funds The case was registered under a section that prohibits dealing in foreign exchange without the permission of the Reserve Bank of India.
ED sources told HT the case was registered after it found strong indications of funds having been flowed from tax havens such as Mauritius and Cayman Islands.
“We have not named anybody in the case, as the investigation would involve many people,” an ED officer involved in the investigation said on condition of anonymity.
The agency is also investigating payments made to different people associated with the IPL by IPL chief Lalit Modi’s brother-in-law Suresh Chellaram in the last four months. Chellaram has a stake in Rajasthan Royals.
The agency’s main focus will remain on one of the south India-based teams in which one of two union ministers, as reported first by HT on Monday, has made an investment.
