Mumbai, May 14: Investigations point toward one mysterious mastermind who opened accounts in tax havens abroad to route betting, match-fixing funds, reports Mid Day.
The money trail in the Indian Premier League has led to a mystery person.
A probe by the Directorate of Enforcement (ED) has revealed that this person had opened at least 300 benami accounts to route money from the IPL to tax havens across the globe.
Mired in controversy: ED officials say they have managed to track down a part of the money trail. Representation Pic
"Most of these accounts were opened in the names of attorneys who were authorised to deal with the cash. The needle of suspicion points to a kingpin," a senior ED official told Mid Day.
Officials, however, flatly refused to divulge the person’s identity at this stage.
"The source of money can be traced to the Bahamas, Mauritius, the UK and South Africa," said an ED source.
"There is reason to suspect that IPL funds, mostly from betting and match-fixing, have been routed to the
"We have managed to track down a part of the money trail after BCCI provided details of deposits and correspondence with bidders and team-owners,’’ a senior ED official said.
"Money trails and phone-tapping records indicate that one individual is responsible for the transactions," the official said. "Dozens of fictitious firms were floated through London-based agents."
The job of the agents was to float firms authorised to carry out business under the Company Act. "The agent was paid a handsome fee for this. The power of attorney of such companies was given to front companies in the tax havens," the official said.
The ED is making enquiries with the registrar of companies to ascertain ownership of the bidder and details of stakeholders of the fictitious firms.
The ED, in a recent document, had asked the BCCI to declare whether the companies are subsidiaries of overseas companies and details of the flow of funds. Details of stakes in companies are being checked.