Former Rajasthan Royals co-owner Raj Kundra has reportedly written a letter to the BCCI demanding a probe into alleged financial irregularities related to the ownership structure of the franchise. Kundra claimed that the original ownership arrangement involved undisclosed transactions involving Lalit Modi.
Kundra’s move comes at a time when there has been a major change in the ownership of the inaugural IPL champions. He challenged the recent multi-billion dollar deals, arguing that his 11.7% stake in the franchise was never legally transferred after the 2015 suspension and that the rights related to the shareholding were still retained by him.
Raj Kundra accused of hidden payments linked to Rajasthan Royals ownership
Raj Kundra claimed that financial records point to the transfer of a total of US$2.5 million to Manoj Badale’s bank account. According to his allegations, the payment was linked to funds used to acquire the Rajasthan Royals franchise from BCCI in 2008.
In a letter to BCCI, Kundra said that the transaction raises serious questions on the basic ownership structure of the franchise. He alleged that the undisclosed payment suggests that Lalit Modi may have undisclosed financial interest in Rajasthan Royals, which would be a violation of IPL and BCCI rules.
“Based on eyewitness testimony and information supported by financial leads, I have reason to believe that on January 18, 2008: Lalit Modi, through Lalit Modi Sporting Ventures, transferred USD 1.5 million to the Citibank account of Manoj Badale; Suresh Chellaram, through Kaabu Holdings, transferred USD 1 million to the same account. These The funds appear to be linked to a payment of USD 5 million made to BCCI in connection with the franchise acquisition.”
Big IPL Bomb
Raj Kundra has reportedly written a letter to the BCCI alleging serious financial irregularities related to Lalit Modi and the original ownership structure of Rajasthan Royals.
According to the letter, financial information indicates that $2.5 million was transferred… pic.twitter.com/FxeFPno4u7
– The Analyst (News Updates) (@Indian_Analyzer) June 19, 2026
Raj Kundra warns BCCI of legal action over Rajasthan Royals ownership allegations
Raj Kundra alleged that the transactions mentioned in his complaint were never properly disclosed to cricket authorities or regulators. He claimed that important banking records were withheld during a previous investigation by the Enforcement Directorate.
In the letter, Kundra urged the BCCI to act on the information and warned that he was ready to take the matter to legal and regulatory authorities if no action was taken. He also said that he could provide additional evidence and eyewitness testimony to support the full investigation.
“Please note that failure to act on this information may force me to seek remedies before the appropriate legal and regulatory forums, including placing these facts before the judicial authorities. I stand ready to submit supporting material and produce eyewitnesses to assist in a full and fair investigation. The credibility of the IPL and the governance standards of the BCCI are at stake.”
Raj Kundra’s Rajasthan Royals stake at the center of ownership dispute
Raj Kundra along with his wife Shilpa Shetty acquired 11.7% stake in Rajasthan Royals in 2009. His involvement with the franchise ended after the 2013 IPL spot-fixing scandal, which resulted in a lifetime ban on Kundra and a two-year suspension on Rajasthan Royals.
Despite filing a complaint with the National Company Law Tribunal (NCLT), Rajasthan Royals recently completed a major ownership deal. A consortium led by Lakshmi Niwas Mittal and Adar Poonawala acquired a 93% stake in the franchise for $1.65 billion..
BCCI’s lifetime ban on Kundra remains in place, preventing him from taking part in the ownership or administration of the IPL. However, the BCCI will review the allegations made in his letter regarding the initial ownership and financial transactions of Rajasthan Royals.