FEMA violation: ED adjourns cross-examination of Naseer Khan

Mumbai [India], March 9 (ANI): The then Chief Manager of State Bank of Travancore (now State Bank of India), A.K. Naseer Khan, appeared before the Special Director, Enforcement Directorate (ED), Mumbai for cross examination by former IPL chairman Lalit Modi lawyers in an alleged case of violation of the Foreign Exchange Management Act (FEMA). Transfer of funds to foreign entity without approval of RBI is the basis of alleged FEMA violation. "Naseer Khan as manager of the then State Bank of Travancore was instrumental in transfer of funds to Cricket South Africa (CSA) for hosting IPL season 2 in South Africa," said Mehmood Abdi, counsellor of Modi, in an official statement. "During the cross examination Khan developed unease and sought adjournment to a further date on account of his indisposition today," the statement said. It further read, "Before developing his discomfort he made crucial revelations which go to the roots of ED case and shakes the foundation of the case." The adjudicating authority acceded to his request and adjourned his cross examination to March 21. On July 20, 2011, the ED had issued show cause notices to Modi and the BCCI under provisions of FEMA regarding the alleged transfer of a sum of Rs 243.45 crores to Cricket South Africa without prior permission of the RBI ahead of an IPL tournament in 2009. The ED was subsequently allowed by the Bombay High Court to summon several former BCCI officials, including Manohar and then secretary N Srinivasan as witnesses in the matter.
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