Chennai Super Kings under ED scanner over Rs 300 crore investment by IFIN
The agency is likely to summon CSK to understand the modalities of the transaction
Published - Aug 29, 2019 1:22 pm | Updated - Oct 22, 2019 3:27 pm
Mahendra Singh Dhoni led Chennai Super Kings (CSK) to two consecutive finals ever since the franchise made a comeback in the Indian Premier League (IPL) after a two-year suspension in connection to spot-fixing. While they won the trophy in 2018, they fell short by just one run in 2019. Nevertheless, the CSK regained the lost ground and confidence and started dominating the IPL once again.
But it seems there are more grey clouds on the horizon for the yellow franchise. The CSK have come under the scanner of the Enforcement Directorate (ED) over an investment worth Rs 300 crore made by Infrastructure Leasing & Financial Services’ (IL&FS) financial arm IFIN. A money-laundering probe by the ED into IL&FS has found that IFIN has made the massive investment in CSK owned by India Cements last year when the team was facing big debts.
ED to call CSK?
According to a report in Business Standard, the ED is currently studying the arrangements as well as the legal aspects. The agency is likely to summon CSK to understand the modalities of the transaction. Also, the IL&FS’ senior management accused in the matter will be questioned.
In April this year, Hari Sankaran, a former vice-chairman of IL&FS was arrested by SFIO (Serious Fraud Investigation Office) on charges of fraudulence and causing wrongful losses to the infrastructure lender which is already in troubled water. In the year before, a newly constituted board took control of the company that comprised people like Uday Kotak, CS Rajan and Vineet Nayyar.
The Super Kings had faced their earlier suspension in connection with the spot-fixing scandal in 2013. Rajasthan Royals are the other franchise that too faced a suspension during this period. Will the Super Kings face something similar again? For the franchise’s teeming supporters, that will be a terrible story.
While CSK beat Sunrisers Hyderabad by 8 wickets in the final of the 2018 edition of the IPL, they lost to Rohit Sharma-led Mumbai Indians by a solitary run in the final of this year. It was the Indians’ record fourth title and they won three of them beating CSK in the title clash.