Mallya arrested, but what about Lalit Modi? -Governance Now

Mallya arrested, but what about Lalit Modi?

Embattled sports tycoon Lalit Modi fled India in 2010 after he faced serious charges of financial irregularities

GN Bureau | April 18, 2017

#Vijay Mallya #Lalit Modi #money laundering #FEMA #Manmohan Singh #IPL #UPA

Fugitive industrialist Vijay Mallya who fled India after banks tried to recover over Rs 8,000 crore owed by his now defunct Kingfisher Airline was arrested in Britain. Lalit Modi, who at one time was a cricket czar, could be next.

Union minister Jitendra Singh was quick to describe Mallya’s arrest as “a big success of Indian government and the finance ministry”.

BJP leader Subramanian Swamy told News18: “Thanks and congratulations to PM Modi for this. Modi means business and he was always in a fight against corruption. It's time for Mallya to go to jail.”

Mallya was reportedly presented in a court that granted him bail.

Vijay Mallya later tweeted: “Usual Indian media hype. Extradition hearing in Court started today as expected.”

Mallya had fled to Britain in March 2016.

Yet, another high profile person who too fled the country was sports administrator Lalit Modi, who created the IPL.

There are more than two dozen cases of financial irregularities, money laundering and criminal cases against Lalit Modi.

The Manmohan Singh government had initiated an investigation against Modi under the Foreign Exchange Management Act (FEMA). Modi was already in London when the UPA government revoked his passport.

One of the charges were that Lalit Modi, BCCI and few other officials appeared to have contravened the provisions of FEMA, 1999 to the extent of Rs 89 crore, reported India Today

ED has issued showcause notice against Lalit Modi, BCCI, N Srinivasan and Niranjan Shah under FEMA - by accepting deposit of Rs 20 crore from Emerging Media (IPL) based in UK. Also, the ED is probing the $80 million amount paid by Multi Screen Media (MSM) to World Sports Group (WSG).

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