Fan base for cricket in India is really huge and when elites know how to use their cricket enthusiasm for their profits then these kind of things will happen.Other cricket boards are also making money but not up to the level of BCCI and BCCI is making more profits than ICC I guess.
To be honest cricket is expected to be much shorter in the future and I am scared that it could end up the sport's future!

India, being a country of 1.4 billion would be a prime market not just for cricket, but also for all the other sports. Many of the sports boards in India have successful franchise leagues established by them. Some of them are well established, such as the Tamil Nadu Premier League and Karnataka Premier League, while others are still in the infancy. But these state leagues don't feature any foreign players and the salaries are low. On the other hand, Sri Lanka is having a population of around 20 million (less than one-third of that of Tamil Nadu), and they have launched a glitzy T20 league with international players. I would be glad, if the league is successful. But I am skeptical, given the limited size of the market in Sri Lanka.