Things have taken a turn for the worse for Lalit Modi, the former chairman of the Indian Premier League (IPL) cricket tournament. Already mired in controversy, the Enforcement Directorate has issued a ‘blue corner notice’ against him.
It means Modi, who has been accused of money laundering, will face a complete travel ban outside India. If he tries, he will be detained.
The ED has put allegations of Foreign Exchange Management Act violations on Modi.
Sources in the Directorate told Business Standard the notice was issued since Modi was not cooperating in the investigation. He has been issued notices on five occasions to appear for investigation. The sources said the ED suspects him of sending huge sums of money outside the country.
Modi is also being investigated by the Board of Control for Cricket in India (BCCI). The charges levied against the former IPL chairman, including a broadcast deal struck by him, are being examined by a disciplinary committee. Modi was suspended as IPL chairman by the BCCI in April.
In all, Modi, the man behind the creation of the hugely successful and lucrative IPL, is facing 22 charges, ranging from financial irregularities to rigging bids, proxy holdings and kickbacks in broadcast deals.
According to Forbes, the Twenty20 Indian Premier League became the fastest growing sporting event of recent times, a $4.13-billion commercial phenomenon in a few years.
