British Virgin Islands-based firm to be investigated by Indian agencies

Indian detectives found the real beneficiaries of a Rs1.25 billion (approximately $27 million) payoff that was made to a British Virgin Islands-based company Park House Holdings Limited for TV rights of the Indian Premier League (IPL)  cricket series. This money is said to be part of the Rs42.5 billion ($94 billion) facilitation fee that was allegedly paid for TV rights by Multi Screen Media, Singapore, to Mauritius-based World Sports Group (WSG).

It was reported that the trail of money from the accounts of the Mauritius company is the key to the money laundering case in the Indian Premier League.

From some sources it became known that Indian agencies have sought details from British Virgin Islands authorities concerning remittances to the BVI-registered Park Holdings Limited. The Indian government as well as agencies are making an investigation to determine the source of funds that were invested in Rajasthan Royals, Kings XI Punjab and Kolkata Knight Riders. Investigations have led them to Colway Investments Limited from Mauritius, Sea Island Investments Ltd, Kuki Investments, Tresco International and Blue Water Estate, and to other firms located in different offshore jurisdictions.

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