IT likely to submit IPL probe report tomorrow

A top-ranking income tax department official will leave for New Delhi Thursday with a report on the outcome of the investigations into the Indian Premier League in Mumbai over the past one week, official sources said today.

A top-ranking income tax department official will leave for New Delhi on Thursday with a report on the outcome of the investigations into the Indian Premier League (IPL) in Mumbai over the past one week, official sources said on Wednesday.

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The officer - of the rank of director-general - is also expected to submit to the central government the evidences gathered in IT inspection, search and seizure operations and raids in Mumbai.

The move follows Wednesday’s raids on three IPL media partners in north-west Mumbai suburbs.

A team of over 50 IT sleuths swooped on the premises of Multi Screen Media, Malad, the World Sports Group at Khar and Pat Magnarella Management in Bandra in the morning.

Simultaneously, the ED Mumbai has registered a case against "unknown persons" under the Foreign Exchange Management Act to probe unauthorized transfer of huge foreign funds without permission of Reserve Bank of India (RBI).

The ED move was prompted by information that huge funds have found their way into IPL from international tax havens, and it would now inquire into the root of the IPL finances from dubious sources, officials said.

In a related development, IPL Kochi team partner Shailendra Gaikwad rubbished allegations against the team in Solapur on Wednesday.

He also accused the media of targeting IPL Kochi and claimed that although he had not invested any money into the team, there are several other investors since it is a business venture.