Raj Kundra has written to the Board of Control for Cricket in India (BCCI), alleging serious financial irregularities linked to Lalit Modi and the original ownership structure of Rajasthan Royals. In his letter dated 13 April, Kundra claims financial records point to a $2.5 million transfer made in January 2008 to an account he says was connected to the franchise’s acquisition. According to him, that payment may be tied to the money paid to the BCCI during the Rajasthan Royals’ original bid for the IPL.
Kundra has also claimed that several key financial transactions from that period were never disclosed. He has also alleged that important bank records were withheld during the Enforcement Directorate’s investigation into the matter.
More significantly, Kundra says certain statements made under oath during those proceedings could amount to perjury, potentially opening the door to legal action if those claims are proven.
For now, the allegations remain unverified. There has been no official response from the BCCI, Lalit Modi, or Rajasthan Royals.
The letter comes as Kundra continues his legal challenge against the proposed $1.63 billion sale of the Rajasthan Royals. In March, he had approached both the BCCI and the courts, arguing that his original 11.7 per cent stake in the franchise was never legally transferred or cleared.
Kundra, alongside his wife Shilpa Shetty, was once one of the visible faces of Rajasthan Royals ownership before his fall from cricket. In 2015, he was handed a lifetime ban from cricket-related activities following the IPL spot-fixing scandal.
The ownership story around the Rajasthan Royals has remained complicated ever since.
A takeover bid led by US-based investor Kal Somani failed to materialise. The franchise was later acquired by a consortium led by Lakshmi Mittal for $1.65 billion. The Mittal family now controls 75 per cent of the team, while Adar Poonawalla owns around 18 per cent.
Rajasthan Royals’ IPL 2026 campaign ended in heartbreak, losing to Gujarat Titans in Qualifier 2.
If Raj Kundra’s claims hold, the IPL could be forced to revisit one of the darkest questions from its birth.