ED to slap Penalty on Lalit Modi

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New Delhi, June 16: The Enforcement Directorate that had slapped Rs 425 crore show-cause notices against former IPL chairman Lalit Modi is once again in the process of serving final penalty notices to Modi.

The notices would be served in 16 alleged forex violation cases amounting to an estimated Rs 1,700 crore against Modi and others as part of its wide-ranging probe in the alleged financial irregularities in different editions of IPL.

According to reports, apart from these cases, two other instances of suspected contravention of foreign exchange laws and hawala transactions are also being investigated by the central probe agency and these include investigations on the role of Modi.


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