The Enforcement Directorate (ED), probing the 2G Spectrum scam, will begin the process of attachment of properties allegedly acquired by two telecom companies, chargesheeted by the CBI, from next week. The total cost of the illegally acquired properties is expected to be around `5,742 crores.
According to sources, process of the attachment of properties is likely to start from May 10. Two chargesheets, filed by the CBI, named 14 accused, including former telecom minister A. Raja and DMK supremo M. Karunanidhi’s daughter Kanimozhi. Besides, three telecom companies were also named in the chargesheets, including Unitech and Swan Telecom. The other accused named in the chargesheet are former telecom secretary Siddharth Behura, Raja’s former, personal secretary R.K. Chandolia, telecom promoter Shahid Balwa of Swan Telecom, Gautam Doshi, Virendra Titara & Hari Nayar (all three are from ADAG), Vinod Goenka (Swan Telecom), Sanjay Chandra (Unitech), Kaliagnar TV managing director Sharad Kumar, Balwa’s cousin Asif Balwa, Rajeev Aggarwal, directors of Kusegaon Fruits and Vegetables Pvt Ltd, and Karim Morani of Cineyug Films. “After attaching properties of the chargesheeted telecom companies, the agency will start identification of movable and immovable assets acquired by accused persons, chargesheeted by the CBI, by illegal means. Initially, properties of Unitech (worth `2,442 crore) and properties worth `3,300 crore of Swan Telecom will be attached”, sources said.
Sources further said, “The investigation under Foreign Exchange Management Act (FEMA) has revealed large scale contravention by the telecom companies and their associates. Probe has revealed that Swan Telecom allegedly issued shares to Etisalat (Dubai) and Genex Exim in contravention of a certain clause of FEMA”. The contravention was done by the company in issuing shares to foreign investor and resident investor under an agreement and had issued shares to foreign investor on an abnormal value to avoid the permission of the Foreign Investment Promotion Board (FIPB), sources added. The contravention for the total amount of Rs 3,608 crore was allegedly done by Swan Telecom, sources added.
The ED has also issued notices to Loop Mobile (Mumbai), M/S Loop Telecom Ltd (New Delhi) and S-Tel Ltd under FEMA, sources said. The contravention by the Loop Mobile (Mumbai) for an amount totalling Rs 431 crores was done allegedly by not reporting the receipt of funds from abroad within stipulated period of time to the Reserve Bank of India, sources added. M/S Loop Telecom Ltd (New Delhi) also did not report the receipt of funds from abroad as well as issue of shares to foreign investors within stipulated period of time to the RBI, sources added. As far as FEMA violation by S-Tel Ltd is concerned, sources said, “The company did not refund the balance of the FDI to foreign investor within the prescribed time limit”. There is contravention of Rs 96.60 lakhs by the company.
Meanwhile, according to sources, the Income-Tax department (IT), which is also probing the 2G Scam, in its status report to Supreme Court is likely to say that it has found instances of tax evasion and “multiple routing” of undeclared wealth by telecom firms and some individuals involved in the scam. According to sources, the role of corporate lobbyist Nira Radia would also be detailed in the report.
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‘Charges on Doshi are baseless’
AGE CORRESPONDENT
New Delhi
May 4: Former Attorney-General and Solicitor-General of India, Soli Sorabjee, appearing for accused Gautam Doshi of Reliance Anil Ambani Group for his alleged involvement in the 2G spectrum scam case, on Wednesday told the Delhi high court that the charges against his client is baseless and denial of bail goes against his personal liberty.
“By not allowing him bail, the court is curtailing the personal liberty of my client. It means now my client’s liberty merely hangs on prosecution’s whims and fancy,” Mr Sorabjee told Justice Ajit Bharihoke.