10 plaints under FEMA, PMLA: ED

10 plaints under FEMA, PMLA: ED

Senior advocate K K Venugopal, appearing for the ED and CBI,  told a Bench of justices G S Singhvi and A K Ganguly the proceedings for attachment of properties have been started against those chargesheeted by the CBI in the 2G scam case. The ED had also issued show cause notices to the companies for contravention of FEMA for causing Rs 7,100 crore losses to the exchequer.

Six complaints under FEMA and four under the Prevention of Money Laudering Act have been registered against some companies and their people who also included MD of a telecom company who is in jail, he said.

Without naming either the company or the person, he apparently hinted towards Shahid Balwa whose Swan Telecom was allegedly used as front company for the Reliance Telecom.

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