New Delhi: The enforcement directorate has issued show cause notices to two Loop telecom firms for alleged violation of foreign exchange laws to the tune of about Rs384 crore in connection with the 2G scam.
The directorate had earlier slapped various charges of FEMA violations on Loop Mobile India Ltd and Loop Telecom Ltd and the adjudicating authority now has accepted the complaints filed by the investigators of the case, ED sources said.
The Adjudicating Authority in this case is the special director of ED based in the national capital.
The ED has already filed complaints to the tune of over Rs4,300 crore against top telecom firms allegedly involved in the scam, they said.
Sources in the directorate said notices issued to the companies are for a part of the violations and more notices under different provisions will follow soon.
In its complaint against Loop Telecom, the ED has charged the firm with forex violations to the tune of Rs184.28 crore.
“These contraventions are done by the said company in not reporting the receipt of funds from abroad within the stipulated period of time to RBI and in not reporting issue of shares to foreign investor within stipulated period of time,” the ED said.
In the case of Loop Mobile India Limited based in Mumbai, the ED alleged FEMA contravention to a total amount of Rs431 crore on similar charges.
The directorate is zeroing on the transactions made by these companies with legal entities based outside India to find out whether any guarantee/counter guarantee were given to obtain funds from abroad and the first source from where they originated, the ED said.
The ED is also probing the source of funds, ownership of the companies based in foreign shores and end-use of foreign funds.