BCCI has been fined Rs 121 crore; read here why

The government has imposed a fine of about Rs 121 crore on the Board of Control for Cricket in India (BCCI) and its officials for alleged forex violations during the second edition of the Indian Premier League which was played in South Africa.

In 2009, the tournament had to be shifted from India due to general elections. The Enforcement Directorate (ED) launched an investigation against BCCI and its top officials for alleged foreign exchange violations under Federal Emergency Management Agency (FEMA).

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The investigation has been going on since 2009 as the accused have been disputing over who should be held responsible for financial decisions of the BCCI.

  • The ED was investigating alleged contravention of FEMA in transfer of more than Rs 243 crore out of the country to host the 2009 Indian Premier League edition in South Africa.
  • The FEMA order states that this transfer of funds was in alleged violation of the RBI guidelines meant for transferring funds abroad.
  • The BCCI has been fined 82.66 crore
  • The then IPL commissioner Lalit Modi has been fined Rs 10.65 crore while the former BCCI chairman N Srinivasan Rs 11.53 crore.
  • Sanction of Rs 9.72 crore on former BCCI treasurer M P Pandove and Rs 7 crore on the State Bank of Travancore
  • The accused have to deposit the fine amount in the government exchequer within 45 days time.

Lalit Modi has been under ED lens since the beginning but his demand for cross-examination of top BCCI officials in the case was accepted by the Bombay High Court recently. The BCCI had denied any wrongdoing in the case.

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