IPL owners and BCCI face 1500 crore black money scam scrutiny from Indian Income Tax department for miney laundering and tax evasion
Nita Sangili
May 21, 2012

The Enforcement Directorate (ED) and income tax department have been asked to probe the presence of black money in the cash-rich league, sports minister Ajay Maken told Lok Sabha on Monday. The investigation comes even as the government has sought Rs. 1,522 crore from the Board of Control for Cricket In India for alleged tax evasion.

The letter on financial irregularities in the BCCI and IPL — accessed by HT — says the ED has issued 19 showcause notices for violations under the Foreign Exchange Management Act amounting to Rs. 1,077 crore. Five are against the Rajasthan Royals and the rest against the BCCI. The biggest tax evasion amount against the BCCI is Rs. 243.45 crore for payments made during IPL-2 matches in South Africa. “Certain other contraventions have been revealed in connection with transactions between the BCCI and the State Bank of Travancore, Jaipur branch, in relation to remittances made and received by the board,” the ED has said in a confidential note to the government. The letter also expresses concern over Rs. 375 crore in income tax demanded from the BCCI after 2006, when its I-T exemption was revoked. So far, Rs. 231 crore has been recovered from the board. The subject came up in the House when the BJP’s Kirti Azad, a former cricketer, demanded a special audit of the IPL and BCCI by an independent agency when finance minister Pranab Mukherjee raised the black money issue.

IPL owners and BCCI face 1500 crore black money scam scrutiny from Indian Income Tax department for miney laundering and tax evasion
Nita Sangili
The Enforcement Directorate (ED) and income tax department have been asked to probe the presence of black money in the cash-rich league, sports minister Ajay Maken told Lok Sabha on Monday.
READ MORE>>

Indian Govt to address Air India pilots' grievances in two months
Parth Adarsh
As the strike by Air India pilots entered its 12th day, the government on Saturday appealed to them to report for work, promising it would resolve their problems within three months.
READ MORE>>

India may not be the right place for investments in the next ten yeras
Rana Tanbir Singh
India and China may be on the brink of Great Asian Depression as the world takes measures to cut manufacturing and service imports from these Asian giants.
READ MORE>>

As US stocks get ready to crash, Hillary Clinton promises Mamata of Bengal debt relief
Samir Lahiri
US faces bigger debt crisis that Mamata Bannerjee and West Bengal. US can print dollar, West Bengal cannot. That is the difference.Well, US can print some dollar and buy Wall Mart into India bribing Mamata some debt relief.
READ MORE>>

President Prativa Patil wasted $41 million in travel with friends and kins to foreign countries
Kiran Chaube
Shameless Indian President has no place to hide after her extravagance and disregard to wasting public wealth is exposed.
READ MORE>>

Wal-Mart in bribe scandal - Mamata Banerjee did good in blocking retail FDI
Kiran Chaube
India should thank Mamata Bannerjee and Trinamool Congress for blocking the retail FDI. In Mexico Walmart violated American and Mexican laws bribing officials trying to establish stores all over Mexico.
READ MORE>>

MORE ARTICLES >>