Deutsche Bank co-CEO Anshu Jain’s IPL stake sale under ED scanner

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Mumbai | Updated: Apr 24, 2015 10:35 AM

Anshu Jain, co-CEO of Deutsche Bank AG, sold 10% stake in Mumbai Indians to Teesta Retail Pvt Ltd in 2009.

Deutsche Bank Anshu Jain IPL stake issueAnshu Jain, co-CEO of Deutsche Bank AG, sold 10% stake in Mumbai Indians to Teesta Retail Pvt Ltd in 2009. (Reuters)

The Enforcement Directorate (ED) is probing the sale of a 10 per cent stake in Mumbai Indians in 2009 by Anshu Jain, co-CEO of Deutsche Bank AG, to Teesta Retail Pvt Ltd, a shareholder of Indiawin Sports Pvt Ltd which owns the IPL franchise and is part of the Reliance group.

Officials said the probe is part of a wider investigation into the valuation of IPL franchises starting with Mumbai Indians and Kolkata Knight Riders, which is promoted by Bollywood star Shah Rukh Khan.

In Jain’s case, the ED has questioned the logic of the sale at the same price at which the stake was acquired, considering the rising valuations of IPL teams at that time, said a government official familiar with the development.

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