Friday, April 30, 2010

Slush money, laundering and corruption: Can we win over Naxals and Maoists?

Report: Slush money trail links BCCI-IPL teams
29 Apr 2010, 1141 hrs IST
According to reports, a maze of dubious transactions across tax havens links the BCCI to IPL league franchisees.

Media reports say that Swiss accounts have now emerged in the IPl probe and that overseas links have surface to IPL's dirty money. Reports state that the BCCI as well as IPL franchisees may have links to the dirty money laundering in the scam.

The Board of Control for Cricket in India's media cell chief is refusing to answer any questions in this regard.

Times of India reports:
The Board of Control for Cricket in India (BCCI) was put on notice two weeks ago, after a controversy over money laundering and funding sources hit cricket and the games' administrative body in India.

Tax authorities sent out summons asking BCCI to disclose the balance-sheet of its arm, the Indian Premier League (IPL), ownership and shareholding of franchisees since inception and their contracts with IPL. After searches and surveys, taxmen are now sifting through a mine of information, hoping to track the money trail.

Their task is daunting, given the complex shareholding structures of some of the IPL franchisees that have registered their companies in off-shore tax havens. Private companies that own IPL teams are not obliged to make public disclosures of their shareholding.

However, if the BCCI does not come clean on ownership of the franchisees, tax authorities can lift the corporate veil and source information from countries where these companies are registered. The holding company of one franchisee, for instance, is registered in Mauritius.
Read more:
Report: Slush money trail links BCCI-IPL teams
Bullet-proof jackets scam: Babu endangered jawans
MCI is one of the most corrupt institutions in India
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