ED SLAPS ~121 CR FEMA PENALTY ON BCCI, SRINI, MODI

MUMBAI: The Enforcement Directorate (ED) Thursday slapped a penalty of over ~121 crore on the BCCI, its former boss N Srinivasan, former IPL commissioner Lalit Modi and others for alleged violation of the FEMA law while organising the IPL in South Africa in 2009. A special director of the central probe agency levied a penalty of ~82.66 crore on the BCCI, ~11.53 crore on its former chairman Srinivasan, ~10.65 crore on EX-IPL commissioner Modi, ~9.72 crore on former BCCI treasurer MP Pandove and ~7 crore on the State Bank of Travancore (now merged with the SBI). The ED was investigating the case for the alleged contravention of the Foreign Exchange Act in transferring over ~243 crore out of the country to host the 2009 IPL edition in SA. The BCCI refused to comment on the issue.