National NEWS
IPL Money Trail: IT Dept Conducts Raids on World Sports Group, Multi Screen Media
April 21, 2010 Visionmp.com news service
The Income Tax department has conducted raids on the offices of World Sports Group and Multi Screen Media which deal with the IPL broadcasting rights, said media reports.
Last week, IT sleuths had visited the BCCI office and the department used a special technology allowing direct transfer of data from any electronic storage device including computers, mobile phones and pen drives to access the data.
In the wake of controversy about sources of IPL funds, various agencies like IT, enforcement directorate and directorate general of service tax are closely coordinating in the probe.
A TV news channel reported that the Enforcement Directorate registered a case against IPL teams under the Foreign Exchange Management Act (FEMA) and was now going to initiate an open inquiry into transfer of foreign funds, reports said.
The ED registered the case under Section 3 of FEMA, which prohibits dealing in foreign exchange without permission from the RBI, said reports.
Earlier, the ED was conducting a discreet inquiry not requiring the registering of a case but after it found strong hints of funds having come from tax havens like Mauritius and Cayman Islands, a decision to register a case was taken, reports said.
In the meanwhile, eight investigation wings of the IT department have spread across the country to investigate the source of IPL funds, said reports.
Reports said that they are expected to collect, source and obtain financial details from various stakeholders in the IPL from across the country.
I-T directorates in Mumbai, Kolkata, Chandigarh, Delhi, Kochi, Hyderabad, Bangalore and Pune will be trying to source out information.
(Based on internet reports)
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