The Enforcement Directorate (ED) has informed the Joint Parliamentary Committee (JPC) that it is investigating 10 companies, including Tata Teleservices Limited (TTSL) and Idea Cellular, in connection with the 2G spectrum allocation case.
Arun Mathur, director, ED, in a presentation to the JPC, said that the investigating agency has been probing 10 telecom companies for allegations of violation of the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act.
Other companies under the ED?s scanner include Unitech Wireless (Tamil Nadu), Swan Telecom, Loop Telecom, S-Tel Ltd, Videocon Telecom, Idea Cellular, TTSL, Sistema Shyam TeleServices Limited, Allianz Infratech and Spice Communications.
It is believed that the ED, in the course of its investigations, found FEMA violations by way of foreign direct investment through purchase of equity shares, convertible preferential shares and convertible debentures by non-resident persons. Also, the ED had sent teams of officials to Isle of Mann and British Virgin Islands in connection with the investigations.
Meanwhile, the JPC has decided to call all former telecom secretaries since 1998, including Siddharth Behura, as witnesses for recording of evidence when the committee next meets on July 7 or July 8.
