After investigating for four years and unable to procure enough evidence, in April 2015, the agency informed the BCCI that adjudication proceedings be held against the cricket board.
In a major set back to the Enforcement Directorate (ED), the Appellate Tribunal for Foreign Exchange last week provided relief to former cricket management officials, including former IPL chairman Lalit Modi, former BCCI secretary N Srinivasan and former BCCI treasurer MP Pandove, and asked the Board of Control for Cricket in India (BCCI) to deposit Rs 10 crore against the penalty imposed on its behalf as well as on behalf of officials.
Since November 2011, the ED has been probing Foreign Exchange Management Act (FEMA) violation case against BCCI and top cricket board officials for making a payment to the tune of Rs 243 crore to Cricket South Africa without the RBI's permission. The agency has alleged that the funds were transferred to South Africa for organising the April-May 2009 edition of the Indian Premier League (IPL).
After investigating for four years and unable to procure enough evidence, in April 2015, the agency informed the BCCI that adjudication proceedings be held against the cricket board. Personal hearing were then held on May 7, 2015, in which the BCCI contested that due process was not followed while deciding the case.
On May 31, 2018, the adjudicating authority imposed a penalty of Rs 82.66 crore that was later challenged by the BCCI and Rs 10.65 crore penalty was imposed on Modi, Rs 11.53 crore on N Srinivasan, Rs 9.72 crore on Pandove and Rs 7 crore as penalty on State Bank of Travancore, Jaipur branch.
In Violation
Tribunal directs Board of Control for Cricket in India (BCCI) to deposit Rs 10 crore against the penalty imposed on its behalf as well as on behalf of officials.
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