Former Indian Premier League (IPL) chairman and league founder Lalit Modi has announced that he will return to India after 16 years abroad, following a favourable ruling in a foreign exchange-related case.
Modi, 62, left India in 2010 and has been based in London, UK. The Enforcement Directorate (ED) had registered a case alleging foreign exchange transactions were carried out without Reserve Bank of India permission.
The matter was heard by an appellate tribunal functioning under a law that deals with confiscation of assets linked to smugglers and foreign exchange offenders. In its recent order, the tribunal set aside the ED’s penalties and said there was insufficient evidence to establish Modi’s responsibility in the case.
Reacting to the decision, Modi described it as a victory after a 16-year legal battle. He said he had always acted in the interests of the IPL and claimed he had been falsely accused.
Modi said he is looking forward to returning to India, and indicated he may travel either towards the end of this year or early next year.
