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india | IST

Pandora Papers reveals King's XI Punjab and Rajasthan Royals offshore links

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Pandora Papers has now turned the spotlight on the Indian Premier League (IPL) and the ownership structure of two of its franchisees.

Pandora Papers, an expose of offshore accounts of wealthy elites conducted by the International Consortium of Investigative Journalists, has now turned the spotlight on the Indian Premier League (IPL) and the ownership structure of two of its franchisees.
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CNBC-TV18's Ashmit Kumar reports that according to Pandora Papers, Gaurav Burman, the fifth generation entrepreneur of Dabur's Burman family and husband of Lalit Modi's step-daughter routed funds from a British Virgin Island entity to a Mauritian company and that Mauritian company happens to be the holding company of Kings XI Punjab.
The expose said Nigerian entrepreneur Suresh Chellaram who is the husband of Lalit Modi's sister-in-law also routed funds through a British Virgin Island entity that enjoys a 44.15 percent stake in Mauritian company. This Mauritian company called EM Sporting Holdings as of March 31, 2020, was the holding company for Rajasthan Royals.
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