A parliamentary panel has rapped the knuckles of the BCCI and Income Tax Department , alleging that four teams of the cash-rich Indian Premier League (IPL) routed investment from abroad, sources revealed to Indian news channel CNN-IBN on Tuesday.
The franchises involved in the latest IPL controversy are Mumbai Indians, Rajasthan Royals, Kolkata Knight Riders and Kings XI Punjab, who, the panel alleged, have got foreign investments without approval.
The panel - headed by former Finance Minister Yashwant Sinha - has thus demanded that all tax exemptions given to the BCCI be withdrawn and those given specifically for the World Cup be reviewed.
The report also mentions that the Income Tax Department connived with the world's richest cricket board, making the BCCI even richer at the expense of the country's taxpayers.
Gross financial irregularities have also been found in the IPL Governing council and the aforementioned IPL franchisees.
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