Enforcement Directorate has issued notice to the BCCI to explain transfer and routing of funds to the tune of Rs 1,600 crore in the conduct of the second season of Indian Premier League tournament.
Published: Nov 28, 2011, 04:28 PM (IST)
Edited: Nov 28, 2011, 04:28 PM (IST)
The notice has been issued under the provisions of the Foreign Exchange Management Act (FEMA)
Mumbai: Nov 28, 2011
Enforcement Directorate has issued notice to the BCCI to explain transfer and routing of funds to the tune of Rs 1,600 crore in the conduct of the second season of Indian Premier League tournament.
The notice has been issued under the provisions of the Foreign Exchange Management Act (FEMA) regarding transfer of funds for IPL which was conducted in South Africa in 2009.
Besides BCCI, the notice has also been marked for former IPL Commissioner Lalit Modi, asking for explanation of the transfer of these funds. Modi is at present in London.
“The notices pertain to questions on the routing and investment of funds during the IPL second edition. This is a part of the overall probe by the agency into the finances of the IPL and its organisers,” ED sources said.
The agency has asked the top cricketing body to furnish to it all the permissions and records it obtained from the RBI for funding the offshore activities of the IPL during the second edition.
The agency has recently questioned actor and Kolkata Knight Riders co-owner Shah Rukh Khan in this case.
Former BCCI president Shashank Manohar and cricketer Ravi Shastri, who were on the IPL governing council, have so far been questioned in connection with alleged irregularities in conduct of the cash-rich league. (PTI)
