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ED registers case on foreign funds flow in IPL

ED registers case on foreign funds flow in IPL
PTI
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First Published: Wed, Apr 21 2010. 04 23 PM IST
Updated: Wed, Apr 21 2010. 04 23 PM IST
Mumbai: The Enforcement Directorate (ED) has registered a case against cash-awash Indian Premier League (IPL) under Foreign Exchange Management Act (FEMA) to inquire into unauthorized transfer of foreign funds, ED sources said on Wednesday.
The case, registered on Tuesday, 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, during the inquiry if 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.
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First Published: Wed, Apr 21 2010. 04 23 PM IST
More Topics: IPL3 | BCCI | Foreign Funds | Twenty20 | Cricket |