ED slaps Rs 425 crore FEMA notice on BCCI, IPL

The Enforcement Directorate (ED) has slapped a Rs 425 crore show cause notice against BCCI, IPL, their officials and private multimedia firms for alleged contravention of forex laws in awarding a media rights contract in 2009. The notices have been issued to close to ten individuals and entities, which include former Board of Control for Cricket in India (BCCI) chief N. Srinivasan, the then-IPL Chairman Lalit Modi, Chief Operating Officer (COO) Sunder Raman. The ED stepped in this case in 2009 and began a probe under the Foreign Exchange Management Act (FEMA) to investigate allegations that payment of Rs 425 crore facilitation fees by MSM Singapore to WSG Mauritius was made in an alleged unauthorised manner.

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