One of the most significant financial frauds involving the role of the Indian Premier League (IPL) is the corruption case of Lalit Kumar Modi. In 2010 financial irregularities, conflict of interest and potential corruption were made against the former chairman & commissioner of IPL Lalit Modi, The BCCI (Board of Control for Cricket in India) suspended Lalit Modi from his position as commissioner and initiated an investigation against him.
More than two dozen cases of financial irregularities, money laundering and criminal cases have been lodged against Lalit Modi by various investigative agencies across the country.
The core allegations were that he, including other officials, had used the sport’s funds to their own bank accounts. The ATR (Action Taken Report) charged him of laundering Rs. 2,148.3 crore breaching the rules of the FEMA (Foreign Exchange Management Act), 1999. Though he didn’t confess the crime the prime allegations were put on Modi & N. Srinivasan for operating the whole process of this.
In addition to that, the ED found out $25 million of funds of $80 million by MSM to WSG was transferred illegally to bank accounts of different people.
Also, the department found out about the bid & win session of IPL, where selective bidders in team auctions were handled by Modi & an investment of Rs. 10 crore was made by Modi’s wife in an Indian heritage hotel through a Mauritius-based company.
Diryheythe MoUs signed by Lalit Modi & Srinivasan with South Africa Cricket was done in complete contravention of the FEMA Rules. Lalit Modi said that all the financial transactions were observed by N. Srinivasan & his officials. Also, the ED probing found out that the illegal money was allegedly used to buy a corporate jet for Modi.
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N. Srinivasan’s statement found out that the payment details through State Bank of Travancore & Jaipur worth 243 crore was guided by Srinivasan, yet managed by Modi.
Also, the ED probed about the alleged association of Vasundhara Raje, who was a supreme BJP leader & had significant power and influence over Rajasthan. It was reported that the CM aided Modi in the immigration to UK.
After all the probe, Modi was absent and fugitive from all the reports of the CBI & ED. So, the probe is yet continuing till the fulfillment of the administrative requital.
