2G scam in black money clout; ED's damning revelations

New Delhi, Mar 10: After the Enforcement Directorate received a rap in the knuckles for the shoddy job it did in investigating the tax default case on Hasan Ali, the ED seems to have buckled up finally. The ED has come up with a damning statement that they suspect telecom companies are alleged to have bribed public servants in order to illegally acquire 2G licenses.

The ED is investigating the extent of the 2G loot that has traveled abroad. The huge sums of money is believed to have stashed in tax havens causing a substantial loss to the country's exchequer. But it seems that the government is suffering a major beating from the apex body to have botched up telecom regulations and blatantly flouting rules in the telecom scandal that has rocked the country.

The latest revelation reveals the unholy matrimony of the 2G scam and the black money issue. In the spotlight is telecom companies, S-Tel and Unitech. S-Tel eliciting the maximum ire from the Supreme Court for receiving license to a company that was red-flagged by the Home Ministry. They are also alleged to have transferred a insane amount of money to their shell companies in Mauritius. ED is investigating the two shell companies and have sent Letter Rogatory to Mauritius.

Unitech on the other hand are accused of money laundering by channeling the bribes and the corrupt money to as many as 22 shell companies of Unitech that is spread across British Virgin Islands, Jersey, Singapore, Tripoli in Libya, Dubai and Norway. The ED also reported that Unitech received the licenses at a much lower rate that they acquired through bribing and intimidating government servants.

Beside the aforesaid telecom companies, other telecom players also seem to have played some dirty games to stash their loot in tax havens abroad including Idea Cellular and Sistema Shayam. All the shell companies that have become party to such illegal transactions are under the ED scanner.

Meanwhile, after rumours emerged that the Finance Ministry requested the ED to slow down the 2G investigations as reveled by an unknown letter received by the SC, the ministry officials have vehemently denied the allegation. Lets hope the latest truths that have emerged out of the ED will be able to nail the vast network of defaulters and bring back the money that rightfully belongs within India.

OneIndia News