Appellate Tribunal Overturns Most ED Findings in BCCI, Lalit Modi FEMA Case
The Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act largely overturned the Enforcement Directorate’s findings against the Board of Control for Cricket in India, former IPL chairman Lalit Modi, and others in a FEMA case regarding the 2009 IPL shift to South Africa. The ED had imposed penalties on the BCCI, Mr. Modi, and others for alleged foreign exchange violations. However, the Tribunal set aside most of these conclusions, clearing the State Bank of India and its former Chief Manager A.K. Nazeer Khan. It upheld two specific counts, retaining a ₹4 crore penalty on the BCCI for exceeding remitted amounts abroad and reducing another penalty from ₹4 crore to ₹1 crore for delayed repatriation of ticket sales proceeds. Published July 21, 2026.
22 JUL 2026
· THIS STORY — The Hindu
Appellate Tribunal Overturns Most ED Findings in BCCI, Lalit Modi FEMA Case
— NDTV
Lalit Modi, after a favorable SAFEMA tribunal verdict, plans to return to India by early next year.
— Indian Express
The Appellate Tribunal overturned most penalties in a FEMA case against Lalit Modi, the BCCI, and former office-bearers, clearing Modi of major charges.
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