The estimated alleged violations in 16 cases under FEMA are to the tune of about Rs 1,700 crore
Lalit Modi
New Delhi: The Enforcement Directorate is planning 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 probe in the alleged financial irregularities in various editions of the T-20 cricket matches.
Sources said 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 further 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.
Sources added 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 Rs 1,700 crore. The agency had in February this year slapped a Rs 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. ED’s most important case against Modi is being probed under the Prevention of Money Laundering Act (PMLA) and, in order to question him, the agency has asked Interpol to issue a red notice against him as his last known address is in the United Kingdom.
The Interpol had recently once again sought additional information from the ED investigators on their money laundering case against Modi as part of the process to issue a red corner notice, a global police warrant, against him.
( Source : deccan chronicle )
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