IPL Team Hit With $18.8M Penalty For Violating Foreign Exchange Laws; Club To Appeal
The Enforcement Directorate "has slapped a penalty notice" of about Rs 100 crore ($18.8M) against Indian Premier League team Rajasthan Royals for allegedly violating foreign exchange laws in its business operations, according to the PTI. Sources said that the agency, which issued the penalty notice after two years of investigations under the Foreign Exchange Management Act, "has sent out three separate notices to the IPL franchise totaling" to Rs 98.5 crore ($18.5M), along with other similar notices earlier. The ED has been investigating financial and foreign exchange irregularities against all the IPL franchises for almost two years, "and this is the first big order against any team." The penalty comes just one day after auctions concluded in Chennai "for the sixth edition of the glamorous cricket extravaganza" (PTI, 2/4). The club said it "intends to launch a full appeal" against the ED (PTI, 2/4).