BCCI slapped with Rs 121 crore fine by ED over FEMA violation during IPL 2009; N Srinivasan, Lalit Modi also penalised

A special director of the central probe agency levied a penalty of Rs 82.66 crore on the BCCI, Rs 11.53 crore on its former chairman N Srinivasan, Rs 10.65 crore on ex-IPL commissioner Lalit Modi.

PTI, June 01, 2018

Mumbai: The Enforcement Directorate (ED) on Thursday slapped a penalty of over Rs 121 crore on the Board of Control for Cricket in India (BCCI), its former boss N Srinivasan, former IPL commissioner Lalit Modi and others for alleged violation of the Foreign Exchange Act (FEMA) law during the T-20 cricket IPL edition in 2009, officials said.

Representational image. AFP

Representational image. AFP

A special director of the central probe agency levied a penalty of Rs 82.66 crore on the BCCI, Rs 11.53 crore on its former chairman Srinivasan, Rs 10.65 crore on ex-IPL commissioner Modi, Rs 9.72 crore on former BCCI treasurer M P Pandove and Rs 7 crore on the State Bank of Travancore (now merged with the SBI).

The total penalty amount was Rs 121.56 crore, they said.

The ED was investigating the case for the alleged contravention of the FEMA in transferring over Rs 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.

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.

Updated Date: Jun 01, 2018





Rank Team Points Rating
1 India 3634 125
2 South Africa 3589 112
3 Australia 3499 106
4 New Zealand 2354 102
5 England 3772 97
6 Sri Lanka 3182 91
Rank Team Points Rating
1 England 6470 127
2 India 5819 121
3 South Africa 3842 113
4 New Zealand 4602 112
5 Pakistan 3617 103
6 Australia 3699 100
Rank Team Points Rating
1 Pakistan 3972 132
2 India 4601 124
3 Australia 2570 122
4 England 2448 117
5 New Zealand 2542 116
6 South Africa 2058 114