Rajasthan Royals fined Rs 100 crore by ED for violation of norms

The Enforcement Directorate (ED) has slapped a penalty notice of approximately Rs 100 crore againstIPL team Rajasthan Royals for allegedly violating forex laws in its business operations. The agency, which issued the penalty notice after a two years of investigations under the Foreign Exchange Management Act (FEMA), has sent out three separate notices to the IPL franchise totalling...

The Enforcement Directorate (ED) has slapped a penalty notice of approximately Rs 100 crore againstIPL team Rajasthan Royals for allegedly violating forex laws in its business operations.

The agency, which issued the penalty notice after a two years of investigations under the Foreign Exchange Management Act (FEMA), has sent out three separate notices to the IPL franchise totalling to Rs 98.5 crore plus some other similar notices earlier, sources said.

While a Rs 50 crore penalty has been slapped on Jaipur IPL Cricket Private Limited (JIPL) and its directors, owners of Rajasthan Royals, Rs 34 crore notice for evasion of forex duties has been issued against EM Sporting Holding, Mauritius and its directors.

(with inputs from PTI)

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