November 28, 2011 6:44 PM

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ED issues notice to BCCI regarding IPL 2 fund transfer

Enforcement Directorate has issued notice to the Board of Control for Cricket in India, BCCI, to explain transfer and routing of funds to the tune of 1,600 crore rupees in the conduct of the second season of Indian Premier League.The notice has been issued under the provisions of the Foreign Exchange Management Act, FEMA, regarding transfer of funds for IPL which was conducted in South Africa in 2009.Besides BCCI, the notice has also been marked for former IPL Commissioner Lalit Modi, asking for explanation for the transfer of these funds. Modi is at present in London.The agency has asked the top cricketing body to furnish to it all the permissions and records it obtained from the RBI, for funding the offshore activities of the IPL during the second edition.

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