Lalit Modi cleared In IPL 2009 FEMA case

The Indian Premier League (IPL) founder and the first chairman, Lalit Modi, is set to mark his return to India after the tribunal quashes the Enforcement Department (ED) penalty in the FEMA case (Foreign Exchange Management Act) during the Indian Premier League (IPL) 2009.

The Appellate Tribunal under the Smuggles and the Foreign Exchange Manipulators- Forfeiture of Property- Act (SAFEMA) has given major relief to Modi and other appellants by setting aside most of the findings of the ED and the penalties during the IPL 2009 FEMA case in South Africa.

What Modi said after being cleared by the tribunal

The Enforcement Directorate alleged that the foreign exchange remittances of nearly INR 243.45 crore had been made without prior approval from the Reserve Bank of India (RBI). Modi has revealed his excitement at being cleared by the tribunal.

Watch Lalit Modi's reaction to being cleared in IPL 2009 FEMA Case-

“I'm really happy with the verdict yesterday. It's really been a great day. 16 years, I have fought, and whatever I have been saying to the media and to everybody has finally emerged as the truth. I'm really happy that the tribunal has ruled in my favour. I was only concerned with the well-being of the IPL and nothing and nothing at all. That is the dearest to me.” Modi expressed this in a video that went viral on social media.

“Now that chapter is behind me, I'm going to move on in my life, and I'm looking forward to coming back to India. I will come back probably at the end of this year or early next year. My daughter is due with my grandson in October, and hopefully everything will be well, and I'll be back in India.” He added.

What is the IPL 2009 FEMA case against Lalit Modi?

The case dates back to the relocation of the IPL from India to South Africa due to security concerns because of the General Elections. To organize the competition, the Board of Control for Cricket in India (BCCI) transferred funds to the Rainbow Nation.

Reacting to the ruling, Modi reflected that the tribunal had rejected the Enforcement Directorate’s Principal argument, altering the basis of the case. He also noted that the tribunal found that he was not personally responsible for ensuring the board’s compliance under FEMA.

“The tribunal has rejected the central premise on which the Enforcement Directorate’s case against me had been built. It held that the principal foreign remittances relating to the staging of IPL 2009 in South Africa were Current Account transactions, not Capital Account transactions, thereby overturning the foundation of the earlier findings.” He spoke.

Modi now intends to return to India after spending 16 years overseas, signalling what he described as the beginning of a new chapter after the legal battle.