MUMBAI: The Enforcement Directorate (ED) on Thursday slapped a penalty of over Rs 1.315 billion collectively on the Board of Control for Cricket in India (BCCI), its former chief N Srinivasan, former IPL commissioner Lalit Modi and a few other former office bearers for alleged violation of the Foreign Exchange Management Act (FEMA) during IPL season 2009 after completing the adjudication process in the case.
The ED had recorded statements of the concerned persons after Modi filed a writ petition before the Bombay high court seeking a probe into the alleged fund transfer to South Africa, where the 2009 edition of the tournament was held. ED officials said that multiple show cause notices were issued to BCCI and its erstwhile office bearers, including Modi. The notices related to various contraventions of FEMA involving Rs 243 crore, relating to the conduct of IPL-2 tournament in 2009.
The BCCI has been slapped with Rs 826.6 million correct fine, whereas Srinivasan, the then secretary BCCI, will have to pay Rs 115.3 million. Modi, whose writ led to the probe, was also found guilty. The then IPL chairman will now have to pay a penalty of Rs 106.5 million.
Among others, MP Pandove, the then treasurer of the BCCI has also been found guilty and been asked to pay Rs 97.2 million. The State Bank of Travancore, now merged with SBI, will have to pay Rs 70 million and the then chief manager a penalty of Rs 1 million.
The ED has been investigating the case of transferring over Rs 2.43 billion out of the country to host the IPL 2009 in South Africa, conflicting FEMA laws which are created with respect to RBI guidelines.
The order states that the fine has to deposited in the government exchequer within 45 days time.
