Live Score
Cricket Teams
Cricket Players
IPL 2009: Enforcement Directorate slaps ₹121 crore FEMA penalty
A special director of the Enforcement Directorate levied a penalty of ₹82.66 crore on the BCCI, ₹11.53 crore on N Srinivasan, ₹10.65 crore on Lalit Modi, ₹9.72 crore on former BCCI treasurer MP Pandove and ₹7 crore on the State Bank of Travancore (now merged with the SBI).
The Enforcement Directorate (ED) on Thursday slapped a penalty of over ₹121 crore on the Board of Control for Cricket in India (BCCI), its former boss N Srinivasan, former Indian Premier League commissioner Lalit Modi and others for alleged violation of the FEMA law while organising the 2009 edition of the IPL in South Africa.
A special director of the central probe agency in Mumbai levied a penalty of ₹82.66 crore on the BCCI, ₹11.53 crore on its former chairman Srinivasan, ₹10.65 crore on ex-IPL commissioner Modi, ₹9.72 crore on former BCCI treasurer MP Pandove and ₹7 crore on the State Bank of Travancore (now merged with the SBI).
The total penalty amount was ₹121.56 crore, they said.
READ MORE |
The ED was investigating the case for the alleged contravention of the Foreign Exchange Act (FEMA) in transferring over ₹243 crore out of the country to host the 2009 Indian Premier League edition in South Africa.
The FEMA order stated that this transfer of funds was in alleged violation of the RBI guidelines meant for transferring funds abroad.
READ MORE |
The order asked the accused to deposit the fine amount in the government exchequer within 45 days time.
The T-20 IPL cricket tournament, that began in 2008, saw its 11th edition wrapping up recently.
