Govt to Probe Sources of IPL Bankroll, their Routes: Mukherjee

With parliament discussing the issue of IPL funds, Finance Minister Pranab Mukherjee has said that the sources of crores of rupees that poured into the billion-dollar league are being investigated, said media reports.

“The concerned department has already started investigation process (into the IPL episode). All aspects including sources of funding and routes through which the funds arrived would be looked into. Appropriate action as per law would be taken. No guilty or wrong-doer will be spared,” Mukherjee was quoted as saying in Parliament.

Reports said that the Income Tax department commenced its probe and the Ministry for Corporate Affairs was waiting for the government to clear a parallel investigation.

Quoting unnamed sources, reports said that with listed companies and issues of corporate governance involved, there was a strong case for this new initiative – one premised on basics like whether provisions of company law have been violated, or whether shareholder approval was sought by IPL team owners.

Though the funds of the IPL and the BCCI is a big question, IPL Commissioner Lalit Modi could be the biggest target of tax and other inquiries, reports said.

The IT department is likely to scrutinise all IPL franchisee allotments by Modi, to put his all business under investigation  and to study al financial transactions by BCCI over three years, said reports citing unnamed sources.

Reports said citing sources that IT department would call BCCI for inquiry on April 23 and is likely to summon individual franchises.

I-T Department has adjusted TDS refund of Rs 90 cr against tax claim of Rs 120 cr from BCCI against which a dispute over tax claim for FY07 is being heard by the tribunal, reports said quoting sources.

(Based on internet reports)