Offshore entities that invested into Indian Premier League (IPL) franchisees Royal Multisport Private Ltd (owner of Rajasthan Royals) and KPH Dream Cricket Private Ltd (owner of Kings XI Punjab) have been linked to Pandora Papers, an investigative expose by the International Consortium of Investigative Journalists (ICIJ).
As per an Indian Express report, leaked documents of Panamanian law firm Aleman, Cordero, Galindo & Lee Trust (BVI) Limited, also known as Alcogal, revealed that IPL franchises were owned by either wholly or partly with Indians, who are British citizens, and are linked to Lalit Modi, the founder of the IPL.
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Moneycontrol could not independently verify the report.
Dabur's Gaurav Burman, husband of Modi's stepdaughter Karima, is linked to the Kings XI Punjab franchise, the report states.
Lalit Modi's late wife Minal's brother-in-law, Suresh Chellaram, who is a businessman in Nigeria, is linked to the Rajasthan Royals franchise.
As per the report, Gaurav Burman lent $2 million to Bantree International Ltd, a BVI company, for the “purpose of making a shareholder loan” to its Mauritian subsidiary Colway Investments Ltd, which in turn was a shareholder in KPH Dream Cricket.
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"Everything to do with KPH Kings XI was thoroughly investigated by the BCCI and the Enforcement Directorate. The BCCI had actually terminated our franchise. We went to court and won that case. Our franchise was restored," Burman told the newspaper.
Alcogal documents also revealed that Lalit Modi's brother-in-law Chellaram was the sole shareholder in Tresco International Ltd, a BVI company, which held 44.15 percent in EM Sporting Holdings, a Mauritian company, the owner of Royal Multisport.
The report states that the ultimate beneficial owners (UBO) of Tresco were Chellaram's wife Kavita, son Aditya and daughter Amisha.
Confirming the development, Chellaram said, "Tresco transferred its interest in the Rajasthan Royals prior to being wound up. Tresco made all relevant filings and disclosures in all relevant jurisdictions until its winding up."
Also read | Cases pertaining to ‘Pandora Papers’ will be investigated: Finance Ministry
The Pandora papers is the third in a series of huge leaks of documents to the media following the Panama papers in 2016 and the Paradise papers in 2017 and little seems to have changed in the interim.
Those included so far in the new revelations include cricket legend Sachin Tendulkar, pop singer Shakira, Pakistan Prime Minister Imran Khan's aides and leaders of the Czech Republic, Cyprus, Jordan and Ukraine, plus members of the ruling family in Azerbaijan and figures close to Vladimir Putin.
In all, more than 100 billionaires are reportedly involved in the revelations, with transactions ranging from properties worth millions of pounds to slush funds and superyachts.
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