ED steps up probe in Lalit Modi owned firm for FEMA violationNew Delhi: The Enforcement Directorate (ED) has stepped up its probe into a foreign exchange violation case against former IPL boss Lalit Modi which involves alleged illegal routing of Rs 21 crore funds from a
New Delhi: The Enforcement Directorate (ED) has stepped up its probe into a foreign exchange violation case against former IPL boss Lalit Modi which involves alleged illegal routing of Rs 21 crore funds from a Mauritius-based company.
Official sources said the case pertains to the routing of the amount a few years ago into a firm said to be owned by Modi which is based in Rajasthan and has a branch office in the national capital.
The ED had begun investigations into this case in October last year after it detected some foreign investment coming into this group which had Modi's relatives at the helm. But in 2007, the sources said, the businessman-turned-cricket czar took over the directorship of the company along with his wife.
The sources said the agency has already recorded the statements of few employees of the firm who are involved in this while summonses are being issued to more individuals for questioning.
They said the agency is probing the case to check if RBI guidelines or the provisions of the Foreign Exchange Management Act (FEMA) were violated in this transaction. ED authorities are already going through the record sheets and bank documents of the firm and the one located in Mauritius in order to take forward the probe. The sources said Modi would also be asked to join the probe “whenever” the investigators require his presence.
The ED, sources said, had told the Delhi High Court early this year that they were probing the case under FEMA laws and not under the criminal charges of the anti-money laundering Act.