We'll attach assets of telcos, ED tells SC

The ED also informed a Bench of Justices G S Singhvi and A K Ganguly that it had started investigation into the complaints  on  contravention of over Rs 4,000 crore under the Foreign Exchange Management Act (FEMA).

“What is the response of the RBI (Reserve Bank of India)? The Investigating Officers (IOs) must have also been flabbergasted by the amount,” Justice Singhvi said.

Perusing the status report filed by the ED and CBI, the Court termed the information as revealing and appreciated the work of the investigating agencies.  “They have definitely done a commendable job,” Justice Singhvi remarked.

CBI, however, sought two further months to complete its probe in the spectrum allocation since 2001 to 2007.

At the outset,  senior Advocate K  K Venugopal read out excerpts of the status report filed on behalf of the ED and avoided naming the companies. He submitted that the proceedings to attach properties worth Rs 2,000 crore under the Prevention of Money Laundering Act (PMLA) would be initiated within two months.

The ED also submitted that the said investigation regarding the involvement of some foreign companies in the 2G scam, which are registered in Virgin Island, were underway.