ED SLAPS RS 121 CR PENALTY ON BCCI, N SRINIVASAN, LALIT MODI AND OTHERS

The Enforcement Directorate has reportedly slapped a penalty of Rs 121.56 crore on the Board of Control for Cricket in India, the board’s former boss N Srinivasan, former IPL commissioner Lalit Modi for violating the Foreign Exchange Act (FEMA) during IPL 2009. The penalty was levied in connection with the violation of FEMA in transferring over Rs 243 crore abroad to host the 2009 Indian Premier League edition in South Africa.

The ED on Thursday levied a penalty of Rs 82.66 crore on the BCCI, Rs 11.53 crore on Srinivasan, Rs 10.65 crore on Modi, Rs 9.72 crore on former BCCI treasurer M P Pandove and Rs 7 crore on the State Bank of Travancore, which is now merged with the SBI.

The FEMA order asked the accused to deposit the penalty in the government exchequer in 45 days’ time. The Indian Premier League which began in 2008 saw its 11th edition ending recently.