TNI Bureau: Indian Premier League (IPL) team Rajasthan Royals has been slapped with a penalty notice of approximately Rs. 100 crore by the Enforcement Directorate (ED) for allegedly violating forex laws in its business operations.
The ED issued the penalty notice after two years of investigation under the Foreign Exchange Management Act (FEMA).
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The agency sent out three separate notices to the team Rajasthan Royals. While Jaipur IPL Cricket Private Limited (JIPL) has been slapped with a penalty of Rs 50 crore, its directors, owners of Rajasthan Royals have been sent the notice of Rs. 34 crore for violating forex duties. A notice of Rs. 14.5 crore has been issued against Ms ND Investments, United Kingdom and its directors.
The IPL team has been ordered to pay in 45 days.
The ED has been investigating into the financial and foreign exchange irregularities against all the IPL franchises for almost two years. However, the RR was caught just a day after auctions for the sixth edition of the IPL concluded in Chennai.