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Home / News / Sports News / Know why ED has slapped a penalty on BCCI, others
Sports

Know why ED has slapped a penalty on BCCI, others

Know why ED has slapped a penalty on BCCI, others
Written by Rajdeep Saha
Jun 01, 2018, 03:17 pm 1 min read
Know why ED has slapped a penalty on BCCI, others

The BCCI finds itself in a new spot of bother as the Enforcement Directorate (ED) has slapped a penalty of Rs. 121 crore on the cricket body and some of its former officials. Former BCCI boss N Srinivasan, ex IPL chairman Lalit Modi, along with some other officials, have also been included in the list of violators. Here is more about this case.

Reason
The reason behind the penalty

ED slapped the penalty for alleged violation of the FEMA law that is believed to have occurred during the 2009 IPL edition. A sum of Rs. 82.66 crore has been levied upon the BCCI. Meanwhile, Srinivasan and Modi have been hit with Rs. 11.53 crore and Rs. 10.65 crore respectively. Former BCCI treasurer M P Pandove too finds his name on this list.

Timeline
45 days time given to the alleged parties

The ED has given 45 days to the accused to deposit the fine with the government exchequer. Investigation was being done by the ED for alleged violation of the Foreign Exchange Act (FEMA). A sum of Rs. 243 crore was transferred out of the country which is stated to be in violation of the RBI guidelines.

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Rajdeep Saha
Rajdeep Saha
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Rajdeep Saha is a sports journalist at NewsBytes. He has an experience of over 10 years covering sports across print, online, broadcast, and freelance mediums. He has previously worked with Millennium Post, Zee News English, and NewsX. He has a Bachelor’s degree in English from the University of Delhi and a postgraduate diploma in Journalism from the Indian Institute of Mass Communication, Delhi.
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