03 September 2011

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2G Scam – ED Told Supreme Court FEMA violation of Rs.10, 000 Crore by companies involved in 2G scam

2G Scam – ED Told Supreme Court FEMA violation of Rs.10, 000 Crore by companies involved in 2G scam

Thursday –
Enforcement Directorate inform Supreme Court of India that companies involved in the 2G spectrum scam had violated Foreign Exchange Management Act (Fema) to the tune of Rs 10,000 crore.

ED found FEMA violations to the tune of Rs 9,929.80 crore.
As per law ED could slap a fine three times the violation amount.
This means, ED under the Fema rules and law could slap a penalty of nearly Rs 30,000 crore.

Ed said that so far it has attached properties worth Rs 223 crore mainly relating to the Rs 200 crore paid allegedly by DB Group's Shahid Balwa to DMK controlled Kalaignar TV.

SC bench had asked the ED to complete the probe in 3 months of time but advocate Venugopal, appearing for ED, pleaded with a bench of Justices GS Singhvi and AK Ganguly for six more months’ time to complete the probe.

He said that ED's investigations had spread to Jersey Islands, Isle of Man and Cyprus from where foreign investments came into telecom companies through a large number of front companies.
Documents obtained on the basis of letters rogatory issued to Cyprus disclosed 7 new front companies in Channel Island. We will now be sending LRs to Channel Island to get details of the transactions,"

CBI told to Supreme Court that investigation in the 2G spectrum allocation scam has shown "violation" of norms during NDA regime when late Pramod Mahajan and Arun Shourie were the telecom ministers and said the then finance minister Jaswant Singh would be examined.

The Telecom Regulatory Authority of India (TRAI) has told the CBI that Mr. A Raja followed and went strictly by the book, and that the Prime Minister and then Finance Minister P Chidambaram had signed off on his course of action.

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Saturday, September 03, 2011

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