Home Sports IPL 2009: ED slaps Rs 121-crore FEMA penalty on BCCI, N Srinivasan,...

IPL 2009: ED slaps Rs 121-crore FEMA penalty on BCCI, N Srinivasan, Lalit Modi and others

anticipatory bail

The Enforcement Directorate today slapped a penalty of over 121 crore rupees on the BCCI, its former president 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.

A special director of the central probe agency here levied a penalty of 82.66 crore rupees on the Board of Control for Cricket in India (BCCI), 11.53 crore rupees on N Srinivasan, 10.65 crore rupees on Lalit Modi, 9.72 crore rupees on former BCCI treasurer M P Pandove and 7 crore rupees on the State Bank of Travancore.

The ED was investigating the case for the alleged contravention of the Foreign Exchange Act (FEMA) in transferring over 243 crore rupees out of the country to host the 2009 Indian Premier League edition in South Africa.


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