Bad news looms large for CSK and its fans
MS Dhoni is one of the vital cogs of Chennai Super Kings’ history and he led the franchise to two consecutive finals ever since the franchise made a rebound in the Indian Premier League (IPL) after a two-year suspension in connection to spot-fixing allegations.
While they clinched the trophy in 2018, they failed to win back-to-back titles in 2019 as they fell short by a whisker after having lost to Mumbai Indians by just 1 run. Despite all that, CSK regained the lost ground and momentum and started performing like champions in IPL once again.
But it seems there is more bad news coming in for the franchise. The yellow franchise has come under the scanner of the Enforcement Directorate (ED) over an investment worth Rs 300 crore made by Infrastructure Leasing & Financial Services’ (IL&FS) financial arm IFIN. A money-laundering investigation by the ED into IL&FS has learnt that IFIN has made a huge investment in CSK owned by India Cements last year when the team was facing big debts.
As per the Business Standard, the ED is now studying the arrangements including the legal aspects. The agency is expected to summon CSK in order to understand the modalities of the transaction. Also, the IL&FS’ senior management accused in the matter will also be interrogated.
In April this year, Hari Sankaran, who is a former vice-chairman of IL&FS was detained by SFIO (Serious Fraud Investigation Office) on charges of cheating and causing illegal losses to the infrastructure lender which is already in a difficult situation. In the previous year, a newly constituted board took control of the company that had people like Uday Kotak, CS Rajan and Vineet Nayyar.
Besides Chennai Super Kings, Rajasthan Royals are the other franchise that too faced a suspension during this period. Will the Chennai Super Kings face something similar again? Then it would be terrible news for CSK fans.