ED Raids Former BCCI President Srinivasan’s Residence Over India Cements Probe

The Enforcement Directorate (ED) conducted raids at the offices of India Cements, a company owned by former BCCI president N Srinivasan. The raids took place at the company’s offices in Delhi and Chennai. According to media reports, the raids are related to alleged violations of the Foreign Exchange Management Act (FEMA), which was established in 1999 to regulate the flow of foreign currency.

The searches began on Wednesday and are ongoing at two offices of India Cements in Chennai and one office in Delhi. The company has stated that it is fully cooperating with the agency’s investigation.

India Cements is among the largest cement companies in the country, ranking as the 9th largest listed cement company in terms of revenue. It operates seven plants located in Tamil Nadu, Andhra Pradesh, and Telangana.

N Srinivasan, along with his family, owns a 28.14% stake in the IPL team Chennai Super Kings (CSK). He acquired the Chennai Super Kings franchise in 2008 for $91 million. However, in 2013, the CSK team, owned by N Srinivasan, was implicated in a spot-fixing scandal, leading to a two-year ban for the team.

Srinivasan and his daughter Rupa resumed their ownership of the CSK team only last year after the ban period ended.

Srinivasan became associated with the Board of Control for Cricket in India (BCCI) in 2005. He served as the president of the Tamil Nadu Cricket Association (TNCA) from 2001 to 2018. Initially, he held the position of Treasurer in the BCCI from 2005 to 2008. Subsequently, he served as the Secretary of the BCCI from 2008 to 2011. During the period of 2011-2012, he ascended to the role of BCCI President.

However, in May 2023, following allegations of fixing involving CSK, Srinivasan resigned from his position as the BCCI President.