Finally the ED issues summons to Lalit Modi in money laundering case

New Delhi(web team): The Enforcement Directorate (ED) on Monday issued summons to former IPL commissioner Lalit Modi in a money laundering case.

According to NDTV, the ED has also set a three-month deadline for Modi to respond to the summons. The ex-IPL commissioner has been asked by ED to explain the charges against him.

Earlier, the ED was in the process of serving final penalty notices in 16 alleged forex violation cases amounting to an estimated Rs 1,700 crore against Modi and others as part of its wide-ranging probe in the alleged financial irregularities in various editions of the IPL.

Apart from these cases, two other instances of suspected contravention of foreign exchange laws and hawala transactions are also being investigated by the central probe agency and these include investigations on the role of Modi.

According to Zee Media, investigation in a third case of money laundering against the former cricket czar is also ‘underway’ which is related to the alleged misappropriation of funds in allotment of cricket media rights by BCCI in 2009.

About 16 cases being probed under the Foreign Exchange Management Act (FEMA) are in the final stages of adjudication. Final orders for penalty will be served in the coming months against the accused which includes all the important functionaries of the IPL and BCCI, including Modi.

The cases amount to violations of an estimated Rs 1,600 crore and the the maximum penalty that can be slapped on the accused could be three times of this amount, according to news reports.

Input with PTI

Posted by on July 6, 2015. Filed under Economy, Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.