N Srinivasan
File photo of former BCCI president N Srinivasan.Reuters

The Board of Control for Cricket in India (BCCI) and its former top brass have been slapped with a whopping fine of Rs 121.56 crore by the Enforcement Directorate (ED). The board has been accused of violating the Foreign Exchange Management Act (FEMA) during the second season of Indian Premier League (IPL) in 2009.

The ED is currently investigating an alleged contravention of the FEMA in transferring Rs 243 crore to South Africa to host the second edition of the IPL in 2009.

N Srinivasan, Lalit Modi also fined

The official added that the agency has levied a penalty of Rs 82.66 crore on the BCCI, Rs 11.53 crore on its former boss N Srinivasan, Rs 10.65 crore on ex-IPL chairman Lalit Modi, Rs 9.72 crore on former BCCI treasurer MP Pandove, Rs 7 crore on the State Bank of Travancore and Rs 10 lakh penalty on then Chief Manager.

According to the agency officials, the investigation revealed that Rs 243 crore was transferred to the Cricket South Africa (CSA) in 2009 and this money was routed into another dedicated bank account opened by CSA in the name of CSA-IPL, thereby violating the law.

"Thereafter, by virtue of an agreement between BCCI and CSA, BCCI exercised full control over the operation of this foreign bank account thereby avoided scrutiny of these expenses by any Indian authority," the official said.

(With inputs from IANS)