It's rather hard on their fans, to begin.
It isn't an investigation, nor are these proceedings. It's more of a cold war and has shades of a witch-hunt. Punjab and Rajasthan have been scrapped, while the highly suspect Kochi City is still allowed to operate, with just a notice. Not enough evidence has been shown to the public; we just see statements all over.
Moreover, there may be an excessive South Zone bias to the coming IPL. We already have Chennai and Bangalore, and a predominantly South (with a little bit of East) team for Hyderabad, and now, Kochi. North Zone, which contributes a lot more in terms of players, will have just one team, Delhi, while Central Zone won't have any team, with the catchment falling entirely under Delhi. West may be split between Mumbai and Pune, but Baroda and Saurashtra, the stronger teams, may align with Mumbai catchment. Even East have at least one team, from Kolkata, but Central, with UP providing many India players, won't find a place. That will leave just five teams- Mumbai, Chennai, Bangalore, Delhi and possibly Kolkata- competitive on Indian talent alone- hang on, we have auctions, don't we?