Former Indian Premier League (IPL) chairman Lalit Modi has secured a significant legal victory after the Appellate Tribunal under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act (SAFEMA) overturned penalties imposed on him in the long-running Foreign Exchange Management Act (FEMA) case linked to the IPL’s relocation to South Africa in 2009.
The tribunal’s ruling brings to a close more than 16 years of investigations, litigation and legal proceedings surrounding one of the most high-profile financial cases in Indian cricket. The case centred on the transfer of foreign exchange during the IPL’s second season, which was shifted to South Africa after India’s General Elections made it impossible to host the tournament domestically.
According to the allegations, foreign exchange worth USD 49.86 million (approximately ₹243.45 crore) was remitted to a person residing outside India without obtaining prior approval from the Reserve Bank of India (RBI). The Enforcement Directorate (ED) argued that these transactions fell under capital account transactions and therefore required regulatory clearance.
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However, the SAFEMA Appellate Tribunal rejected the ED’s primary argument. The tribunal concluded that the remittances connected with IPL 2009 were current account transactions and not capital account transactions. It also held that the statutory responsibility for the Board of Control for Cricket in India (BCCI)’s FEMA compliance did not rest with Lalit Modi, rejecting claims that he possessed the financial authority alleged by the investigating agency.
Reacting to the verdict, Modi described the judgment as the conclusion of the biggest legal battle arising from the IPL’s historic 2009 season in South Africa. “This marks the end of what has been the single most significant legal matter arising from the 2009 South Africa IPL,” Lalit Modi said, adding that he had consistently maintained his innocence throughout the legal process.
FOR IMMEDIATE RELEASE
Statement by Lalit Kumar Modi
London | 21 July 2026
After more than sixteen years of investigations, proceedings and litigation arising from the hosting of the 2009 Indian Premier League in South Africa, the Appellate Tribunal under SAFEMA has delivered… pic.twitter.com/Dqx0xVYY0v
— Lalit Kumar Modi (@LalitKModi) July 21, 2026
The former IPL chief reiterated that every decision taken during the tournament’s relocation was made in good faith and in the best interests of Indian cricket. He explained that the extraordinary circumstances created by the 2009 General Elections forced the BCCI to shift the tournament overseas, a move that ultimately ensured the IPL’s continuity and long-term success.
Modi also reflected on the prolonged legal proceedings, stating that he had fully cooperated with investigators for over 16 years while remaining confident that the facts would eventually prevail. He thanked his legal team, family, friends and supporters who stood by him during the lengthy court battle.
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Calling the verdict more than just a personal victory, Modi said the tribunal’s decision reinforces the importance of due process and evidence-based legal scrutiny. Looking ahead, he said the litigation chapter is now behind him and that his focus has shifted towards exploring new opportunities in global sports, business and philanthropy after securing a landmark legal relief in the IPL 2009 FEMA case.
