SRK, other IPL team officials summoned by ED over forex violations
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SRK, other IPL team officials summoned by ED over forex violations

Bollywood star Shah Rukh Khan has been summoned by the Enforcement Directorate (ED) over alleged foreign exchange violations related to his ownership of the IPL team Kolkata Knight Riders, media reports said on Wednesday.

india Updated: May 13, 2015 18:47 IST
HT Correspondent
HT Correspondent
Hindustan Times
Enforcement Directorate,Shah Rukh Khan,Kolkata Knight Riders

The management of at least three IPL teams, including Kolkata Knight Riders owner Shah Rukh Khan, have been summoned by the Enforcement Directorate (ED) over alleged undervaluation of shares and foreign exchange violations, sources said on Wednesday.

The teams, including Rajasthan Royals and Kings XI Punjab, have to give their replies by the end of May. The ED issued notice to the 49-year-old Bollywood star over alleged irregularities in the valuation of shares of Knight Riders Sports Limited that were transferred to Mauritius-based Sea Island Investment Limited.

Khan was asked to appear for questioning by the month-end, media reports said.

The ED is focussing on the alleged undervaluation of shares of several IPL teams and foreign exchange violations. The sources said the money trail led mainly to Mauritius and Dubai.

The actor was questioned in the past by the ED about money from foreign tax havens being allegedly invested in the multi-crore Indian Premier League (IPL).

The DNA newspaper had reported in March that the ED had stumbled on audit findings indicating foreign exchange violations of around Rs 100 crore related to the Kolkata Knight Riders.

An audit done by Choksi & Choksi for the ED concluded that the transfer of shares between Knight Riders Sports Pvt Ltd and Jay Mehta-owned Sea Island Investment was undervalued by the entities involved, the daily quoted its sources as saying.

First Published: May 13, 2015 10:13 IST