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ED issues showcause notice to BCCI

ED issues showcause notice to BCCI
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First Published: Fri, Jul 22 2011. 02 04 PM IST
Updated: Fri, Jul 22 2011. 02 04 PM IST
Mumbai: The Enforcement Directorate, which investigates foreign exchange violations in India, has issued a showcause notice to the Board of Control for Cricket in India (BCCI), its honourary secretary N. Srinivasan and former Indian Premier League chief Lalit Modi.
An ED official said the notice concerned the violation of Foreign Exchange Management Act (FEMA) norms in the domestic Twenty20 cricket league.
The agency had begun investigations into the issue last year and had summoned Modi and franchise officials more than once for interrogation. A showcause notice is not an indictment, but requires the people named to present their side of the story. The same official, who didn’t want to be named, said the total amount involved was Rs 90 crore.
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First Published: Fri, Jul 22 2011. 02 04 PM IST
More Topics: BCCI | ED | FEMA | IPL | Lalit Modi |