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FEMA violation of Rs10,000 crore detected in 2G scam: ED tells SC

The ED, which filed a fresh status report, said show-cause notices have been issued to six telecom companies for alleged violation of FEMA and attachment of property was initiated under Prevention of Money Laundering Act

New Delhi: The Enforcement Directorate (ED) on Thursday told the Supreme Court that FEMA violation of around Rs10,000 crore has been detected by various telecom companies in second generation (2G) spectrum allocation scam and around 200 bank accounts are under suspect, reports PTI.

The ED, which filed a fresh status report in a sealed cover, said show-cause notices have been issued to six telecom companies for alleged violation of FEMA and attachment of property was initiated under Prevention of Money Laundering Act.

“We are attaching properties and issuing show-cause notices as an ongoing process,” senior advocate KK Venugopal told a bench of justices GS Singhvi and AK Ganguly.

He said the probe into the money trail has led the ED to Cyprus, Channel Islands, Singapore, Mauritius and Switzerland.

The investigation by the Financial Intelligence Unit has revealed there are 200 bank accounts which are suspected to be connected with the scam.

He submitted that six months more time would be needed to complete the process.

He, however, assured the court to complete the task within three months after the bench expressed reservation for granting six months' time.

While placing CBI’s status report, Mr Venugopal said investigation has established that some telecom companies have set up front companies under a ‘corporate veil’ to get spectrum.

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