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).


 
 

Comments

 

Other News

“Whoever has a smartphone and a social media account is a journalist today”

In a scathing attack on media, political analyst Shehzad Poonawala has said that the time of media is gone and anyone with a smartphone and a social media account  can be a journalist today. While speaking to Kailashnath  Adhikari, MD, Governance Now, during the Visionary Talk seri

All you want to know about Republic Day celebrations 2021

India is celebrating the 72nd Republic Day on Tuesday. Attendance at the main celebrations in the capital is limited given the pandemic, yet Covid-19 has not dampened the spirit of the occasion. India’s military might, cultural diversity and social-economic progress will be on display at the majestic

How much time do you spend talking on phone?

How much time do Indians spend talking on phone? It is on average 761 minutes per month, according to a new report from the Telecom Regulatory Authority of India (TRAI). The telecom regulator released its report, titled ‘The Indian Telecom Services Performance Indicators: July-Septemb

“Developing public health infrastructure key to sustainable healthcare for all”

Renowned cardiologist Dr Ramakanta Panda has said that the pandemic has exposed the inadequacy of existing healthcare systems and it is wrong to draw comparisons with Korea, a country with the population equal to that of a single Indian state. While speaking to Kailashnath Adhikari, MD, Gove

SC-appointed panel on farm laws holds first meet

The committee of experts appointed by the supreme court to deliberate with the stakeholders on the new farm laws held its first meeting here Tuesday, with one of its members saying that all stakeholders, including individual farmers, will be heard. Hearing a petition on the farm laws enacted

India’s glitch-free vaccination gathers pace

The nationwide vaccination campaign launched Saturday, the largest such exercise in the world, has started setting new benchmarks, with vaccines administered to 2,24,301 beneficiaries in the first two days. “India has vaccinated the highest number of persons on Day1 under its COVID19 v

Visionary Talk with Shehzad Poonawalla On the State of Current Affairs





Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter