Tribunal dismisses most FEMA violation charges against Lalit Modi, BCCI

“For over sixteen years, I have consistently maintained that I have acted in good faith, in the best interests of Indian cricket and the IPL, and have committed no personal wrongdoing,” Mr Modi said in a statement. | Photo credit: KR Deepak

The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Assets) Act (SAFEMA) has largely set aside the findings and sentences of the Enforcement Directorate (ED) against the Board of Control for Cricket in India (BCCI), former Indian Premier League (IPL) chairman Lalit Modi and other appellants in a Foreign Exchange Management Act (IFEMA) case related to IFEMA 2 of the IFEMA Act (IFEMA).

The ED alleged that the BCCI had violated FEMA provisions by diverting funds overseas to organize the tournament and imposed several crore fines on the board and its officials.

A bench comprising its chairman Justice Munishwar Nath Bhandari and member Rajesh Malhotra allowed the appeal in part against the ED order dated 31 May 2018. The order imposed sanctions on BCCI, Mr. Modi, former BCCI president N. Srinivasan, MP Pandu, State Bank of India KhseferzeFE for alleged violations of the Act on behalf of Indian Bank of India Na.

In its order, the Tribunal quashed most of the ED’s findings against BCCI, Mr. Modi and other appellants. It also absolved the State Bank of India, the authorized dealer bank and Mr. Khan, saying that the foreign transfers were processed in the normal course of banking operations and did not constitute a violation of FEMA on their part.

However, the Tribunal upheld the findings of the ED on two specific points. It retained a fine of ₹4 million imposed on BCCI for remittance of an amount abroad which was in excess of the amount shown in its books.

The tribunal also agreed that there was a delay in returning ticket sales proceeds to India. While upholding the findings of FEMA violations in this regard, it reduced the fine on BCCI from ₹4 crore to ₹1 trillion, finding that the funds were eventually repatriated.

“For over sixteen years, I have consistently maintained that I have acted in good faith, in the best interests of Indian cricket and the IPL, and have committed no personal wrongdoing,” Mr Modi said in a statement.

Published – 21 Jul 2026 23:54 IST