The Supreme Court has been intimidated by the Enforcement Directorate (ED) about its decision to attach the properties of Unitech Wireless and Swan Telecom whihttp://www.blogger.com/img/blank.gifch are allegedly involved in the 2G scam. ED officials informed the apex court this attachment will be done within 2 months. Following this development, shares of Unitech plunged down by 4.45% and that of DB Realty by 4.07% on the Bombay Stock Exchange. Senior counsel KK Venugopal speaking on behalf of ED told to a bench comprising Justice GS Singhvi and Justice AK Ganguly that both the telecom companies have properties worth Rs 2000 crore and these will be attached. Enforcement Directorate is government body that investigates money laundering and probes violation of rules governing foreign exchange.
ED has already submitted a fresh status report to the Supreme Court which contains the latest update on its investigation. Though Mr. Venugopal did not name the two companies in front of the court but he was clearly referring to Unitech and Swan which have been accused of procuring mobile services licenses at a very cheap rate in connivance with former telecom minister A Raja. ED refers attachment as a process of identifying properties which it considers to have been bought from the proceeds of a crime and attaches the same so that the accused is unable to sell them off.
ED has already submitted a fresh status report to the Supreme Court which contains the latest update on its investigation. Though Mr. Venugopal did not name the two companies in front of the court but he was clearly referring to Unitech and Swan which have been accused of procuring mobile services licenses at a very cheap rate in connivance with former telecom minister A Raja. ED refers attachment as a process of identifying properties which it considers to have been bought from the proceeds of a crime and attaches the same so that the accused is unable to sell them off.
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