Appellate Tribunal found appellant guilty of accepting cricket bets for clients overseas. Reduced penalty imposed for FEMA violations.

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....The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where incriminating evidence was found. The Appellate Tribunal found the appellant guilty based on evidence, including statements and financial transactions. Penalties were imposed u/s 4 of FEMA and u/s 3(d) of the Act of 1999. The Tribunal reduced the penalties to make them proportionate to the contraventions. The total penalty imposed on the appellant was Rs. 50 lakhs, with Rs. 10 lakhs for u/s 4 and Rs. 40 lakhs for u/s 3(d). The appeal was partly allowed based on the revised penalties.....