This was few years after Minal and Bina's son Lalit had returned from the United States after being convicted in a drugs and assault charge (On March 1, 1985, while a sophomore at Duke University, Modi was arrested on charges of conspiracy to traffic cocaine and assault with a deadly weapon with intent to kill. On April 2, 1985, Modi and another student were indicted on second-degree kidnapping, a misdemeanor charge of assault inflicting serious injury and conspiracy to kidnap).

Minal and Lalit's courtship began at the Maharani Bagh home, and the two sprang a surprise a few months later by expressing the desire to marry each other. Their declaration of love led to one of the biggest commotions the Modis have ever witnessed. While Bina Modi felt betrayed by her friend for allegedly luring her son, who was ten years her junior, into a profitable marriage, KK Modi told Lalit that he would not give his consent for the marriage.

After days of negotiations, angry outbursts and threats, sources say that Lalit finally had his way. Permission was granted for the wedding (which took place on October 17, 1991), a maintenance allowance was promised by the family, and Lalit was included in the Godfrey Phillips as a director.

Since Lalit and Minal's wedding had caused such a stir in the social circle in Delhi, they decided to move to Mumbai.

It was the early nineties when the cable and satellite broadcast business was taking root in India. Global broadcasters, even in the non-news genres, weren't allowed a free entry. Modi was quick to seize the opportunity and Modi Entertainment Network (MEN) was born. In 1993, MEN signed an ambitious joint venture with the US-based media conglomerate Walt Disney. WD India Pvt Ltd, the new company in which Walt Disney had 51% stake and MEN held the rest, was given the mandate to introduce Disney's merchandise in the Indian market. The merchandise business was housed under Walt Disney Consumer Products and the broadcast venture was with Buena Vista TV India.

In 1995, Walt Disney also entrusted MEN with the responsibility of distributing its popular sports channel ESPN. ESPN was one of the first channels in the country to go paid. He managed to convince ESPN that with cricket in their pocket, people will readily pay a fee to see the channel. ESPN was soon one of the leading sports channels in the country. Soon, MEN signed similar deals with Paris-based Fashion TV, Dubai-based sports channel Ten Sports and DD Sports.

In 2002, he launched an online lottery business in Kerala called Sixo. He later went into the real estate business in Rajasthan, with a company called Amer Heritage City Construction Pvt Ltd, his wife Minal, is a director. Modi’s last attempt was the idea of launching the country's first local travel-and-living channel, Voyages.

Things started to turn around, when Lalit's friend Vasundhara Raje took over as Chief Minister of Rajasthan in 2003. Lalit knew Raje through her school friend Bina Kilachand. Soon after he shifted to Jaipur, where he not only took over the cricket establishment using a legislation which brought the state cricket association under the purview of government, but also created a storm for his alleged involvement in the sale of some heritage havelis. In a 2006 event organised to raise money for the Elephant Fund, initiated by Mark Shand, the brother of Prince Charles’s wife Camilla Parker Bowles, Vasundhararaje was spotted with Lalit and Kavita Chellaram, wife of Suresh Chellaram, now part-owner of Rajasthan Royals.

Modi's fortune further escalated after he entered the Board of Control for Cricket in India representing Rajasthan-- first as a dealer who helped the Pawar group defeat Jagmohan Dalmiya -- and then as a money-making whiz kid who finally came good business-wise. The BCCI's profits soared over a billion USD in 2006 with Modi in its midst. Two years later his brainchild, the IPL, took cricket's economics to a different level.

Lalit Modi's family and friends are an integral part of the IPL. Minal's sister Kavita is married to Suresh Chellaram who owns a majority share in the Rajasthan Royals franchise which incidentally had the lowest bid amount at the auction in 2008.

Lalit’s step-daughter Karima is married to Gaurav, son of Monica and Vivek Burman of the Dabur group. The marriage caused a stir in the Burman family similar to the one in the Modi family when Lalit and Minal tied the knot. Gaurav is a stakeholder in Global Cricket Venture, a firm that has the digital, mobile and internet rights of the IPL. His brother Mohit Burman is a co-owner in Kings XI Punjab, which he owns as part of the consortium consisting of his childhood friends Karan Paul and Ness Wadia, and Wadia’s ex-girlfriend Preity Zinta.

One of the owners of Kolkata Knight Riders is also an old friend of Lalit Modi’s. Jay Mehta, son of Mahinder Mehta, who owned Saurashtra Cements, and Lalit are childhood buddies.