Mumbai: World Sports Group's India head Venu Nair has admitted that his company received Rs 125 crore from Sony World company Multi Screen Media (MSM).
Nair told income tax officials that the money was given to WSG after MSM acquired the broadcast rights for Indian Premier League.
According to reports in The Times of India and Economic Times Nair claimed that money was also passed on to other beneficiaries. Income tax officials suspect that one of beneficiaries of the payoff has 'political links'.
The investigations by the income tax department into the funding of IPL have led the authorities to tax haven British Virgin Islands.
Nair reportedly admitted to the payoff when he was questioned by a team of income tax officials following a raid on the offices of MSM and the WSG.
The offices of MSM in Malad along with the Khar office of WSG and Pat Magnarella Management office in Bandra were raided on Thursday morning.
Nair's confession will also help the I-T department to find out the link to Sony World for having accepting a payoff from the multi-million dollar IPL.
Since Sony World is a US listed company so Indian authorities are likely to get all the details related to IPL and the alleged irregularities without much trouble.
However, WSG denied any wrong-doing on its part.
With reference to a story in a section of the media today about allegations of impropriety by its executives or employees, wsg totally rejects unsubstantiated comments and innuendos about its business transactions and categorically states that they are unfounded and without substance," the company said in a statement issued on Friday.
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