Indian Premier League (IPL) founder and former chairman Lalit Modi has announced that he plans to return to India after 16 years abroad, following a major legal relief in the 2009 IPL South Africa FEMA case.
Modi shared the news through a video on social media after the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) set aside the Enforcement Directorate’s (ED) penalty imposed on him in 2018.
Expressing his happiness over the ruling, Modi said he had fought the case for 16 years and was pleased that the tribunal had ruled in his favour. He maintained that his only concern had always been the success of the IPL.
“Now that this chapter is behind me, I am looking forward to returning to India. I may come back by the end of this year or early next year. My daughter is expecting a baby in October, and once everything is settled, I hope to return,” Modi said.
The case relates to the 2009 IPL season, which was shifted to South Africa due to the Lok Sabha elections in India. The ED had alleged that nearly USD 49.8 million was transferred abroad without obtaining prior approval from the Reserve Bank of India (RBI), violating the Foreign Exchange Management Act (FEMA). In 2018, the agency imposed a ₹10.65 crore penalty on Modi.
In its latest order, the tribunal held that Lalit Modi could not be held personally liable for BCCI’s compliance with FEMA, observing that there was no concrete evidence proving he was individually responsible for the board’s legal and financial obligations.
However, the tribunal upheld certain findings of the ED. It confirmed a ₹4 crore penalty on the BCCI for transferring funds exceeding the amount recorded in its accounts and also accepted the agency’s findings regarding delays in repatriating foreign exchange earned from ticket sales.
The ruling provides significant relief to Lalit Modi while partially affirming the ED’s case against the BCCI.