ED issues 425 crore show cause notice to BCCI, IPL over alleged forex violations

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The enforcement directorate (ED) on Monday issued a Rs. 425-crore show cause notice to BCCI, IPL over alleged forex violations.

The notice has been issued to the Board of Control for Cricket in India (BCCI), Multi Screen Media (Singapore), a division of Sony Entertainment, and World Sports Group (Mauritius) for forex violation to the tune of Rs. 425 crore.

The notice has also been sent to N Srinivasan, former IPL commissioner Lalit Modi, IPL COO Sundar Raman, MSM CEO Manjit Singh, International Management Group (IMG) legal counsel Paul Manning and seven other directors of WSG and MSM.

ED has accused all the parties of fraudulently creating an asset worth Rs. 425 crore outside India under the guise of a facilitation fee.

The issue isn’t a new one as the scam revolves around the 10-year media rights of IPL matches awarded to WSG, starting 2009. The total contract value was Rs. 4,792 crore.