SEARCH

News » National

Updated: April 21, 2010 19:39 IST

Enforcement Directorate to probe foreign funds' flow in IPL teams

PTI
print   ·   T  T  
IPL Commissioner Lalit Modi at Dharamsala on Friday. Photo: Akhilesh Kumar
The Hindu IPL Commissioner Lalit Modi at Dharamsala on Friday. Photo: Akhilesh Kumar

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.

More In: National | News | Sport

But 80 per cent voting was recorded in rural areas in the district »

International

Tamil Nadu

Andhra Pradesh

Karnataka

Kerala


O
P
E
N

close

Recent Article in National

Is it sincere, asks Khurshid

Welcoming Prime Minister Narendra Modi’s observation in a »