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

Remove unauthorized constructions without pressure: Thackeray to BMC

Maharashtra chief minister Uddhav Thackeray has instructed the Mumbai civic authorities to take immediate action on unauthorized constructions on war footing. In a virtual meeting held on Wednesday, Thackeray said no illegal construction will be tolerated in Mumbai and called upon the BMC to

Covid norms relaxed; Mumbai restaurants, shops to remain open longer

After extending timings of shops and restaurants as well as the reopening of cinema halls and theatres under specified SOPs from October 22, in view of the festive cheer, the Maharashtra government has allowed restaurants and eateries to remain open till 12AM and shops and establishments to function till 1

Global Hunger Index data collection flawed: Arvind Panagariya

Rubbishing the recently released Global Hunger Index 2021, wherein India has slipped to 101 position to be placed below Pakistan, Nepal and Bangladesh, Arvind Panagariya, professor of economics at Columbia University and former vice chairman, NITI Aayog, has said that data collection and methodologies used

‘Blue Zones’ concept of healthy living and its relevance in India

A long life span free from diseases and disability, the so-called healthy aging, has been a matter of prime interest to humanity. It is widely held that the life expectancy is a function of interplay between various genetic and environmental factors. There is scientific evidence to support the fact that on

Motilal Nehru too had petitioned for release of his son: Vikram Sampath

Defence minister Rajnath Singh’s statement, that Mahatma Gandhi had asked V.D. Savarkar to file a mercy petition before the British, has ignited a debate. Vikram Sampath, a historian and author of a recent biography of Savarkar, says two weeks after Jawaharlal Nehru was lodged in Nabha jail, his

Gati Shakti: The National Master Plan

The launch of the Gati Shakti master plan will be a booster dose for India growth story. The plan, as the name indicates, will ensure Gati, i.e., speed and Shakti, i.e., empowerment to the ₹1 trillion national infrastructure pipeline. The plan will break inter-ministerial silos. For examp

Visionary Talk with Dr Arvind Panagariya, Professor, Columbia University & Former VC, NITI Aayog



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter