IPL 2021: PBKS & RR owners named in Pandora Papers – The big names of IPL 2021 and the cricket industry have been marred in controversy once again. This time, Sachin Tendulkar, Punjab Kings and Rajasthan Royals owners have been named in the Pandora Papers investigation. PBKS and RR have allegedly dealt with offshore entities for investments in the IPL franchises.
As per an investigation done by the International Consortium of Investigative Journalists (ICIJ), Royal Multisport Private Ltd (Rajasthan Royals) and KPH Dream Cricket Private Ltd (Punjab Kings owners) have had investments from British citizens linked to Lalit Modi, former IPL chairman.
IPL 2021: IPL under scrutiny once again, after Sachin Tendulkar, Punjab Kings and Rajasthan Royals owners named in Pandora Papers leaks
IPL 2021: As per Indian Express, which was part of the investigation, the documents were from a Panamanian law firm named Aleman, Cordero, Galindo and Lee Trust (BVI) Limited, also known, as Alcogal. The leaked documents revealed that Gaurav Burman of Dabur family, who was the husband of Lalit Modi’s stepdaughter Karima, had links to Punjab Kings franchises (then known as Kings XI Punjab).
As per the report, Gaurav lent $2 million to Bantree International Ltd, part of BVI group of companies, as a shareholder loan to Colway Investment Ltd, which was a shareholder in KPH Dream Cricket (Punjab Kings owners).
IPL 2021: “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,” Gaurav Burman told the newspaper.
IPL 2021: IPL under scrutiny once again, after Sachin Tendulkar, Punjab Kings and Rajasthan Royals owners named in Pandora Papers leaks
On the other hand, the Rajasthan Royals franchise had investments from Lalit Modi’s late wife Minal’s brother-in-law Suresh Chellaram, who is a businessman in Nigeria. BVI documents also showed that Chellaram was the sole owner of Tresco Internationals, which owned 44.15% in EM Sporting Holdings, the owner of Royal Multisport which owns Rajasthan Royals. The beneficiaries were Chellaram’s wife Kavita, son Aditya and daughter Amisha.
IPL 2021: Chellaram also confirmed the report. “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,” he said.
It should be noted that Lalit Modi has been subjected to intense scrutiny for his dealings in IPL. He had a big fallout with the BCCI and was handed a life ban.
IPL 2021: After Sachin Tendulkar, Punjab Kings and Rajasthan Royals owners named in Pandora Papers leaks
