NEW DELHI  - The Enforcement Directorate has slapped a penalty of over INR 121 crore on the BCCI, its former boss N Srinivasan and former IPL commissioner Lalit Modi among others, for alleged violation of the Foreign Exchange Act (FEMA) during IPL 2009, according to agency officials.

A special director of ED, it is understood, levied a penalty of INR 82.66 crore on the BCCI, INR 11.53 crore on Srinivasan, INR 10.65 crore on Modi, INR 9.72 crore on former BCCI treasurer MP Pandove, and INR 7 crore on the State Bank of Travancore in connection with the matter. The ED - an agency under the government of India responsible for enforcing economic laws in the country - was investigating a case of alleged contravention of the Foreign Exchange Act (FEMA) in transferring over INR 243 crore out of the country to host the 2009 IPL in South Africa. This transfer of funds was in alleged violation of the RBI guidelines meant for transferring funds abroad.

 The order asked the accused to deposit the fine amount with the government exchequer within 45 days.