The Enforcement Directorate has slapped a Rs 425 crore show cause notice against Board of Control for Cricket, Indian Premier League, their officials and private multimedia firms for alleged contravention of forex laws in awarding a cricketing media rights contract in 2009.

The notices have been issued to close to ten individuals and entities which include former BCCI boss N Srinivasan, the then IPL Chairman Lalit Modi, Chief Operating Officer Sunder Raman, and the officials of World Sports Group and Multi Screen Media for allegedly and fraudulently "manipulating" the contract and hence making illegal payments.

The development comes at a time when the latest edition of the IPL players auction is underway in Bangalore today. The deal dates back to 2008 when the BCCI awarded the 10-year media rights to WSG on payment of  $918 million.

In the same year, WSG also entered into a deal with Multi Screen Media to make Sony the official broadcaster. The contract was replaced a year later with a nine-year deal where Multi Screen paid $1.63 billion.