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IPL 2009: ED Slaps Rs 121-cr FEMA Penalty on BCCI, N Srinivasan & Lalit Modi

PTI |June 1, 2018, 4:44 PM IST
IPL 2009: ED Slaps Rs 121-cr FEMA Penalty on BCCI, N Srinivasan & Lalit Modi

Mumbai: The ED has slapped a penalty of over Rs 121 crore on the BCCI, its former boss N Srinivasan, former IPL commissioner Lalit Modi and others for alleged violation of the FEMA law during the T-20 cricket IPL edition in 2009, officials said.

A special director of the central probe agency here levied a penalty of Rs 82.66 crore on the Board of Control for Cricket in India (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 Foreign Exchange Act (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.

Cricket World Cup Points Table

Pos Team P W L T/NR PTS NRR
1
IND
9 7 1 1 15 +0.80
2
AUS
9 7 2 0 14 +0.86
3
ENG
9 6 3 0 12 +1.15
4
NZ
9 5 3 1 11 +0.17
5
PAK
9 5 3 1 11 -0.43
6
SL
9 3 4 2 8 -0.91
7
SA
9 3 5 1 7 -0.03
8
BAN
9 3 5 1 7 -0.41
9
WI
9 2 6 1 5 -0.22
10
AFG
9 0 9 0 0 -1.32

Team Rankings

Rank Team Points Rating
1 India 3631 113
2 New Zealand 2547 111
3 South Africa 2917 108
4 England 3663 105
5 Australia 2640 98
see more
Rank Team Points Rating
1 England 6420 123
2 India 6807 122
3 New Zealand 4763 113
4 Australia 5470 112
5 South Africa 5193 110
see more
Rank Team Points Rating
1 Pakistan 7365 283
2 England 4253 266
3 South Africa 4196 262
4 Australia 5471 261
5 India 7273 260
see more