ED TO ISSUE FINAL NOTICES IN IPL CASES INVOLVING MODI

NEW DELHI: The Enforcement Directorate (ED) is preparing to serve final penalty notices in close to a dozen alleged forex violation cases against former IPL chairman Lalit Modi and others as part of its wide-ranging probe in the alleged financial irregularities in various editions of the T-20 cricket extravaganza.

The agency, which is awaiting the formal notification of a red corner notice against Modi under its money laundering probe, is also expected to request the Home and External Affairs ministries to press for his extradition.

Sources said the agency’s investigation in about 11-12 cases, out of the total sixteen, against Modi and others under the Foreign Exchange Management Act (FEMA) is at an advance stage and final show cause notices are expected to be issued soon.

They said the “adjudication” proceedings under FEMA are being finalised in these cases as the statements and versions of the accused and their lawyers have been recorded, while in some cases, they are about to get over.

The estimated alleged violations in 16 cases under FEMA are to the tune of about `1,700 crore. The agency had in February this year slapped a `425 crore showcause notice under FEMA to Modi, former BCCI President N Srinivasan, other executives of Indian Premier League (IPL) and private multi-media firms for alleged contravention of forex laws in awarding a cricketing media rights contract in 2009.