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Lalitgate: ED seeks info from Singapore, Mauritius

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By NewsGram Staff Writer

The alleged Rs 125 crore money-laundering case related to allotment of broadcasting rights for IPL matches in 2009 against Lalit Modi has been lying in the docks for almost 6 years now.

The case is beginning to show some headway with the Enforcement Directorate (ED) asking for assistance from Singapore and Mauritius to tighten its case against Lalit Modi.

The process of issuing a letter of request under the Prevention of Money Laundering Act (PMLA) to countries, including Singapore and Mauritius, was started by the ED on Monday.

The letter asks the countries to provide account details of companies and individuals suspected to be involved in money transactions.

“After examining those details, the ED may ask for issuance of a red-corner notice against Modi or can ask for his extradition,” said a senior ED officer.

Under rules governing letter of intent formalities with Singapore and Mauritius, the countries will have to provide the requested details in a time-bound manner.

The ED has earlier issued notices to Modi under the Foreign Exchange Management Act (FEMA), which is governed by civil laws and usually ends with a monetary penalty.

But PMLA is governed by criminal laws and allows for the accused to be arrested.

The money laundering case is related to a complaint filed by former president of the Board of Control for Cricket in India (BCCI) N Srinivasan against Modi in Chennai in 2010.

Modi had been charged for misappropriation of Rs 425 crore while allotting media broadcasting rights of IPL in 2009. The allegations said Modi got Rs 125 crore from the deal.

In 2009, BCCI had awarded IPL media rights to World Sports Group (WSG) initially for 10 years.

Later, the rights were reissued to Multi-Screen Media (MSM), which was made to pay Rs 425 crore to WSG for relinquishing the rights.

“There was no agreement between the BCCI and WSG and WSG had no rights to relinquish”, officials told TOI.

The Lalit Modi controversy has cast a dubious light on external affairs minister Sushma Swaraj and Rajasthan chief minister Vasundhara Raje, with the opposition alleging wrongdoing and BJP stonewalling the allegations.

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ED seizes Nirav Modi valuables worth Rs 36 cr

An ED official told IANS that joint searches with the CBI were carried from Thursday to early Saturday at Nirav Modi's palatial 'Samudra Mahal' residence in Mumbai

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Punjab National Bank is facing many setbacks from early this year Wikimedia Commons
ED seizes Nirav Modi's valuables. Wikimedia Commons

The Enforcement Directorate (ED) on Saturday said it seized valuables worth over Rs 36 crore of absconding diamond jeweller Nirav Modi in connection with an ongoing probe into the Rs 14,500 crore Punjab National Bank (PNB) fraud case. An ED official told IANS that joint searches with the CBI were carried from Thursday to early Saturday at Nirav Modi’s palatial ‘Samudra Mahal’ residence in Mumbai.

Nirav Modi's stamped his name in India’s top corporates with growing global prestige with his fame and affluence.
Nirav Modi committed a fraud of 1400 cr with PNB. Facebook

The items seized included Rs 10-crore diamond ring, antique jewellery worth Rs 15 crore, high-end watches valued at Rs 1.40 crore, Rs 10 crore-worth paintings by renowned artists including M.F. Hussain, K.K. Hebbar and Amrita Shergil.

Also Read: PNB Fraud Fully Exposes the Malicious Intent Of Nirav Modi

The searches were conducted as part of a money trail by the ED and CBI after cases were registered against Nirav Modi and his business partner and uncle Mehul Choksi of the Gitanjali Group for defrauding the banks. Choksi and Nirav Modi fled the country in January around a month before the PNB filed its first complaint against them. They are still at large.

So far, the ED has carried out searches at some 251 properties across the country and seized diamond, gold, pearls, precious and semi-precious stones. The ED has also claimed to have attached immovable properties belonging to their business groups to the tune of Rs 7,638 crore. IANS

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