India News and Travel Times Provides India-centric and other News and Features

Amidst controversy surrounding the bidding and the source of funds in the Indian Premier League (IPL), Income Tax (I-T) sleuths on Thursday visited the office of the Pune IPL team, which is owned by the Sahara Group, in Lucknow. The officials arrived at Sahara Bhawan here to probe the source of IPL funds and bidding Earlier on Wednesday evening, they raided the office of the IPL team Kolkata Knight Riders (KKR) located within the Cricket Association of Bengal (CAB) headquarters to conduct a detailed check on the financial transactions of the team. The Enforcement Department (ED) has filed a report against all eight Indian Premier League (IPL) teams for violation of key sections of the Foreign Exchange Management Act (FEMA). The ED is probing the investment of foreign money in the IPL. The report was filed under the Section Three of the FEMA. Earlier, Jaipur IPL Cricket Private Ltd, the owner of Rajasthan Royals, resubmitted a proposal before the Foreign Investment Promotion Board (FIPB), the key body responsible for foreign investments, to issue a 32.41 percent stake to Mohan Badale. In October 2009, its application was rejected by the FIPB. On Tuesday, a section of the media reported that the both MSM and WSG had paid 80 million dollars as'' facilitation fee."

Income tax sleuths raid Sahara Group's Lucknow office