The Enforcement Directorate has served show-cause notices on the Board of Control for Cricket in India (BCCI), the Indian Premier League, their officials and others to explain the alleged foreign exchange rule violations in the award of cricketing media rights contract in 2008-09.
The show-cause notices have also been served on former BCCI chief N. Srinivasan, former IPL chairman Lalit Modi, IPL chief operating officer Sunder Raman and office-bearers of Multi Screen Media (MSM) Singapore and World Sports Group (WSG) Mauritius.
The ED initiated investigations under the Foreign Exchange Management Act to verify allegations that MSM Singapore paid Rs.425 crore of “facilitation fee” to WSG Mauritius, in purported contravention of the rules”. The amount was paid to allegedly manipulate the deal.
The case pertains to the award of 10-year media rights by the BCCI to WSG Mauritius for $ 918 million in 2008. The company struck a deal with MSM Singapore the same year to make Sony the official broadcaster and a year later, the contract was replaced with a nine-year deal under which MSM Singapore paid $ 1.63 billion.
The ED has already recorded statements of several persons who were involved in the deal in question.
