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2G Scam-Enforcement Directorate to Attach Properties Telecom Companies

No Comments Sub Category:Uncategorized Posted On: Apr 29, 2011

The Enforcement Directorate (ED) to attach properties of Unitech wireless and Swan Telecom allegedly involved in 2G scam . ED presented a fresh status report, giving the Supreme Court, an updated account of its investigation. The ED has told the Supreme Court that it will ‘attach’ the properties of companies within 2 months.

“The properties of the (telecom) companies worth Rs 2000 crore will be attached,” said senior counsel KK Venugopal on behalf of ED – that investigates money laundering and probes violation of rules governing foreign exchange – to a bench comprising Justice GS Singhvi and Justice AK Ganguly.  He named the two companies-Unitech Wireless and Swan — as beneficiaries of the ’scam money’ .

“Within two months the entire process of attachment of the properties of the companies and adjudication under the provisions of the FEMA (Foreign Exchange Management Act) and PMLA (Prevention of Money Laundering Act) will be completed,” said  Venugopal.

“Reports suggest that the ED will attach properties of some telecom companies named in the CBI charge-sheet. Unitech, a company engaged in real estate development, has not been named in the CBI chargesheet . We would like to further clarify that this on-going matter pertains to Unitech Wireless, which is a separate venture in the telecom business. Further, this matter will not have any adverse affect on Unitech and/ or its real estate business,” said the spokesperson for Unitech. The spokesperson for Unitech said these developments will not affect its real estate business.

Economic Times

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