The government was looking into alleged violations of the Foreign Exchange Management Act amounting to some 10.77 billion rupees ($206.7 million), Maken told the parliament.
He said the investigation covered the ownership of franchises and fund transfers without the permission of India's central bank and income tax department during the 2009 Indian Premier League held in South Africa.
The BCCI moved the 2009 edition of the Twenty20 tournament out of India due to lack of security cover during general elections in the country.
BCCI's chief administrative officer Ratnakar Shetty said the body had yet to receive any official communication about the investigation.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks