Proceedings for attachement of properties have begun against persons and companies already charge sheeted by CBI in 2G telecom spectrum allocation scam, the Supreme Court was told today by Enforcement Directorate.
"The proceedings for attachement of properties in cases where charge sheets have been filed by CBI has commenced. If they get acquitted, the confiscation will stand reversed," senior advocate K K Venugopal, appearing for ED, told a bench of justices G S Singhvi and A K Ganguly.
Venugopal placed before the court the fresh status report filed by ED and read out its contents about the probe done against several companies including Swan Telecom which is alleged to be the front company of ADAG's Reliance Telecom.
He said the money trail has led ED to the United Kingdom, Singapore, Russia, Cyprus, Mauritius and the Isle of man.
The senior advocate said six complaints under Foreign Exchange Mangement Act (FEMA) and Prevention of Money Laudering Act (PMLA) have been registered against some companies and their people who also included Managing Director of a telecom company who is in jail.
ED was apparently referring to Shahid Balwa whose Swan Telecom was allegedly used as front company for the Reliance Telecom.
"There have been complaints under FEMA and PMLA against some companies for scheduled offences and the MD of one of the companies is in jail," Venugopal, who was reading the status report, said.
Without naming any company or persons, the senior advocate said ED has issued show cause notices to the companies for causing loss to the exchequer in crores of rupees.
He said investigation was going on on the basis of the cooperation from foreign countries which had responded to the Letters Rogatory issued by the court.
The bench gave a month's time to ED to complete its investigation in which investigators have trailed the money allegedly siphoned off by Raja and some others to Cyprus.
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