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).

Comments

Other News

Beyond toilets: Why open defecation persists in rural India

Despite the awareness campaigns on sanitation across India, open defecation (OD) is practised openly and widely in both rural and urban areas. Research shows that rural respondents are well aware of the negative impacts of OD, yet this awareness does not lead to toilet construction or use. In rural North I

What unpaid nation builders want from policymakers

The Supreme Court recently described homemakers as “nation builders” and fixed a notional monthly income of Rs 30,000 for them in motor accident compensation cases. The judgment was not about wages. It was about compensation. Yet it inadvertently raised a larger economic question: If a homemake

What the US–Iran peace deal means for India

After months of rising tensions, the United States and Iran have reached a memorandum of understanding called the "Islamabad Agreement." This agreement allows for the immediate reopening of the Strait of Hormuz without tolls and provides Iran with relief from sanctions, depending on its complianc

V. M. Tarkunde: A legal luminary par excellence

14 Lawyers: Portraits from The Bar By Raju Ramachandran Juggernaut, 248 pages, Rs. 799

The Cost of Obesity

The latest episode of Checks and Balances focuses on the ticking time bomb of obesity in India, and Geetanjali Minhas of Governance Now spoke with a panel of experts. You can watch the episode here: https://youtu.be/mH

US-Iran deal: Path to peace or prelude to deeper regional quagmire?

In the midst of deep mistrust, the US and Iran are reported to have reached a framework deal for ending the West Asian conflict. But whether it will result in any meaningful breakthrough or pave the way for any lasting peace in the region, is in the realm of speculation. During