‘IPL sponsors flouted FEMA’

Oct 14, 2010 |

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Oct. 14: The Enforcement Directorate believes some foreign players in the Indian Premier League helped team owners and organisers convert black money into white.

Officials are also scrutinising the accounts of 96 IPL sponsor companies over alleged Foreign Exchange Management Act (FEMA) violations. Central revenue officials have collected bank account documents of these companies from the Board of Control for Cricket in India’s headquarters in Mumbai.

“ED officials probing IPL irregularities may question certain foreign players over FEMA violations by IPL organisers,” the sources said.

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