BCCI under scanner for irregularities in foreign exchange

The Enforcement Directorate has served 12 show-cause notices in the last two years to the Board of Control for Cricket in India (BCCI) and its officials for irregularities in foreign exchange involving an amount of Rs.1,423.20 crore.

Eleven show-cause notices involving an amount of Rs.1,317.20 crore were issued in 2011, while one notice involving an amount of Rs.106 crore was issued in 2012, Minister of State for Finance S.S. Palanimanickam said Wednesday.

In a written reply to a question in the Lok Sabha, Palanimanickam said the show-cause notices were issued to the cricket board and its officials based on investigations carried out by the Enforcement Directorate.

The notices were issued under Foreign Exchange Management Act for the contraventions of the relevant provisions of the act by the BCCI and its officials, the minister said.