ED :Kochi Tuskers Kerala to be probed for evidence in Rs 220 cr Fraud

Kochi Nov 13: The IPL Controversy has once again surfaced as the Enforcement Directorate (ED) is gearing up to examine the accounts of the owner of Kochi Tuskers that played IPL in 2011.

Sources said that ED would examine the chief financial officers or accountants of Rendezvous Sports World Pvt Ltd, owner of Kochi Tuskers, PG Foils Ltd, Essel Shyam Technologies P Ltd and a few other companies under the PMLA in connection with the Rs 220 cr fraud committed by the Showman Group and a bank manager of Dena Bank.

Officials have said that "the agency has found that Vimal Barot, senior vice-president of Showman Group, who is currently in jail, allegedly got seven firms to invest in fixed deposits with a Mumbai branch of Dena Bank."



They added that "Barot in connivance with the bank manager, later opened an overdraft (loan) account in the names of these fixed deposit holders, borrowed money against the deposits and siphoned off Rs 220 crore from the bank."

The fraud was detected when the fixed deposit holders contacted the bank with the deposit certificates that turned out to be fake.

sources said that ED has found that "Barot invested over Rs 6 crore in Kochi Tuskers in 2015, he has transferred Rs 9 crore and Rs 7 crore in the accounts of PG Foils and Tulsidas Gopalji Trust, respectively."

Earlier the Kochi Tuskers Kerala was banned from playing the IPl after allegations came out that Shashi Tharoor had allegedly grabbed a partnership.