The Enforcement Directorate (ED) has slapped a penalty notice of approximately Rs 100 crore against IPL team Rajasthan Royals

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ED slaps Rs 98.5 crore penalty notice on RR

The Enforcement Directorate (ED) has slapped a penalty notice of approximately Rs 100 crore against IPL team Rajasthan Royals. (BCCL/B A Raju)

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The notice has been slapped for allegedly violating forex laws in its business operations. (BCCL/B A Raju)

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The penalty order said the probe agency found that foreign investment in Jaipur IPL Cricket Private Limited (JIPL) was made in "flagrant contravention of FEMA" and the investment made in this regard was made "much prior to the incorporation of JIPL". (BCCL/B A Raju)

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The penalty was issued after investigations pointed out that the funds in the firm have been remitted in an irregular manner and shares were allegedly issued in violation of forex rules stipulated and framed by the RBI. (BCCL/Molina Khimani)

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The agency issued the first penalty order against Rajasthan Royals in mid-2011 and it recently moved the FEMA Adjudicating Authority in Delhi to vet its investigation in this case and issue final orders. (BCCL/Molina Khimani)

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The penalty order states that the ED probe has found that foreign investments of the firm were in contravention of Section 6 of FEMA which deals with transfer or issue of security by a person resident outside India, and other sub-sections of the said Act. (BCCL/Bhagirath)

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The agency, during its probe, relied on the bank documents and statements made by the directors and investors of Rajasthan Royals. (BCCL/Bhagirath)

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The ED has issued almost 24 show cause notices, amounting Rs 2000 crore, under FEMA against various IPL franchises and the BCCI in the probe in these cases. (BCCL/R Senthil Kumar)

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Bollywood star Shilpa Shetty and her businessman husband Raj Kundra also have stake in the franchise, which defied the odds to become the inaugural IPL champion. (BCCL/Santosh Bane)

IPL 2013

ED slaps Rs 98.5 crore penalty notice on RR

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IPL 2013

ED slaps Rs 98.5 crore penalty notice on RR

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