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Tribunal Quashes ED Penalty on Modi in IPL 2009 FEMA Case
The SAFEMA tribunal set aside an ED penalty against the former IPL chief, finding he was framed without evidence. Modi called it a win for due process.
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A tribunal threw out a 2018 penalty the Enforcement Directorate had slapped on Lalit Modi and several others tied to the 2009 Indian Premier League being staged in South Africa. The order, dated July 16, runs 105 pages.
Modi, the former IPL chairman, said the ruling was not just personal vindication. It reaffirmed that allegations must be tested against evidence and law, he said through his lawyer.
The cricket board had moved money to South Africa for the event after shifting it from India because the general elections created security concerns. The ED saw that as a violation of the Foreign Exchange Management Act. The main charge was transferring foreign exchange worth about USD 4.99 million (over Rs 243 crore at the time) to an offshore entity without the Reserve Bank of India's prior nod.