FEMA violation: Srinivasan pleads innocent

ANI | Updated: Mar 13, 2018 00:00 IST

Mumbai, (Maharashtra) [India] Mar 12 (ANI): On the last day of cross-examination by the Enforcement Directorate (ED) in connection with alleged Foreign Exchange Management Act (FEMA) violations, i.e. transfer of huge funds from India to Cricket South Africa during IPL season 2 (2009), former Board of Control for Cricket in India (BCCI) secretary N. Srinivasan said that the others violated the rules except him.

To a variety of questions put forth by Lalit Modi's lawyers, N Srinivasan feigned ignorance and conveyed to the adjudicating authority that it was not him as secretary but the president and the treasurer who were responsible for overall management and the financial operations respectively.

Srinivasan added that he was only carrying out the president's instructions.

Whereas the then president of BCCI Shashank Manohar stated that it was the duty of the Secretary-Treasurer to give effect to the resolutions of the Working Committee (WC).

Former treasurer MP Pandove, who appeared for cross-examination today, claimed that it was Srinivasan's decision to not seek the RBI approval. He also agreed that the BCCI Secretary is the chief executive of the BCCI.

On the last day of the cross-examination, several suspects were seen trading blames.

On July 20, 2011, the ED had issued show cause notices to Modi and the BCCI under provisions of FEMA regarding the alleged transfer of a sum of Rs 243.45 crores to Cricket South Africa without prior permission of the RBI ahead of an IPL tournament in 2009.

The ED was subsequently allowed by the Bombay High Court to summon several former BCCI officials, including Manohar and then secretary N Srinivasan as witnesses in the matter. (ANI)