Black money trail leads to IPL Kochi franchise?

MUMBAI: The controversial Kochi franchise in the Indian Premier League ( IPL) could be in serious trouble yet again if media reports are to be believed. Headlines Today carried reports of a Friday development that Rosy Blue owner Harshad Mehta — who owns 12% stake in the Kochi franchise — is being investigated by the Enforcement Directorate in India and parallel authorities in Antwerp ( Belgium) for holding secret accounts in overseas tax havens.

TOI could not confirm this independently but it was learnt that the board ( BCCI) is taking serious view of the report that has surfaced on the news channel. Unconfirmed reports further added that board called for an urgent meeting in this regard and the matter will be investigated.

Mehta is currently in Dubai and neither he nor any of the Kochi team co-owners could be contacted.

The channel claimed that it is in possession of the list of 16 people who are guilty of holding secret bank accounts overseas. Among those names, Mehta — and other top executives of Rosy Blue — are also being probed. It was also reported that the funds transferred by Mehta to certain trusts maintained by Rosy Blue are prime targets of the investigating authorities.

While BCCI may not have a direct connection with Mehta's personal dealings overseas, the fact that their focus remains on cleaning up the IPL will ensure that they seek thorough details in this regard. BCCI had earlier claimed that it wanted to get rid of certain IPL franchises because the source of funds routed by these franchises into the tournament was not known. If allegations against Mehta are proved true then BCCI will have to take similar action against the Kochi franchise.

Meanwhile, suspended IPL commissioner Lalit Modi who was always had his doubts about the Kochi franchise, tweeted saying, "Kochi team stands exposed once again. Hope folks (read: BCCI) figure out that due diligence is key."