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ED issues notices to BCCI for Rs 1,400 cr bungling

Agencies

Posted: Aug 22, 2012 at 1732 hrs IST
      

New Delhi: Enforcement Directorate (ED) has issued show cause notices to BCCI and its officials for contraventions of foreign exchange laws involving over Rs 1,400 crore, the government today said.

Twelve notices, for contraventions involving total Rs 1423.20 crore, under the provisions of the Foreign Exchange Management Act (FEMA) have been issued by the agency during 2011-12 to BCCI.

"Based on the investigations carried out by the ED, the adjudicating authority has issued show cause notices under FEMA to BCCI and its officials for the contraventions of the relevant provisions of the said Act," Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply.

He said 11 show cause notices involving an amount of Rs 1317.20 crore in the year 2011, and one notice involving Rs 106 crore in the 2012 have been issued by ED in this regard.

"The passport of Lalit Modi, former IPL chairman, has been revoked," the minister said, while replying to a question on the efforts taken by the Finance Ministry to extradite the former BCCI chairman to make him join the probe into the alleged violation of foreign exchange laws in the conduct of T20 cricket tournaments.

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