There have been reports that funds from tax havens like Mauritius have been pumped into the league by various franchises in violation of FEMA provision
The Enforcement Directorate (ED) has registered a case against the Indian Premier League (IPL) under Foreign Exchange Management Act (FEMA) to inquire into unauthorised transfer of foreign funds, ED sources said today.
The case, registered yesterday, is the first by ED against IPL after it received preliminary information that funds from abroad, without the permission of RBI, might have trickled in, they said.
As of now, the ED has registered a case against unknown persons and would make an inquiry into the aspect of transfer of foreign funds.
However, if during the inquiry, names of any persons crop up, then show-cause notices would be issued to them and their names would be included in the case, the sources added.
There have been reports that funds from tax havens like Mauritius have been pumped into the league by various franchises in violation of FEMA provisions.