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ED fines firm on various charges of FEMA violations in 2G allocation.
The Enforcement Directorate (ED) on Friday slapped Rs7,000 crore penalty on telecom firm s on various charges of FEMA violations in the 2G spectrum allocation scam.
The ED in its complaint filed before the Competent Adjudicating Authority for FEMA violations said the penalty has been slapped for ‘suspected contravention’ of foreign exchange rules inside and outside the country by the company. The adjudicating authority, ED Special Director Balesh Kumar, approved the order on the probe conducted by the investigating officer of the Delhi Zone, Rajeshwar Singh.
Sources in the ED said Etisalat DB, a joint venture between UAE-based Etisalat and DB Realty group, has been given 30 days time to explain why the company should not fined Rs7,000 crore.
There are more skeletons of the 2G Scam than already unearthed and there would be many more big Corporates that are to be prosecuted, yet!
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