ED may attach Unitech Wireless properties soon
The Enforcement Directorate (ED) is finalising its first property attachment order in the 2G scam, probably against Unitech Wireless (Tamil Nadu) Ltd, a company charge-sheeted by the CBI.delhi Updated: Jun 18, 2011 11:17 IST
The Enforcement Directorate (ED) is finalising its first property attachment order in the 2G scam, probably against Unitech Wireless (Tamil Nadu) Ltd, a company charge-sheeted by the CBI.
Sources said a provisional order might be issued to attach properties worth R5,000 crore in a few days.
Besides Unitech Wireless (Tamil Nadu), the ED will also proceed against Etisalat DB. The sources said there would be a separate attachment order for the Rs200-crore alleged kickback received by Kalaignar TV from the DB group. Etisalat DB, however, did not reply to a mail sent by HT.
A Unitech Wireless spokesperson said, “We have not received any communication from the ED… We believe that the authorities will act in their wisdom to ensure that only those who might be guilty of a crime are affected by any pre-emptive action.”
The CBI alleged in its charge-sheet that although the promoters’ actual equity in Unitech Wireless was R138 crore, when Telenor Group decided to pick up a 66.5% stake — worth R6,135 crore - in the company, Unitech Wireless claimed that the promoters' equity was worth R2,480 crore.
The ED is likely to charge that since the manifold rise in the worth of the company was on the basis of telecom licences acquired and held illegally, the gain of R2,342 crore was crime proceeds and came under the Prevention of Money Laundering Act.
The sources also said the ED's provisional attachment order would be placed before the PMLA adjudicating authority for its confirmation. If the authority affirms it after listening to the ED and the defendant's arguments, the properties will be attached.
Apart from the attachment order, the ED will also file a charge-sheet under the PMLA before the designated court of special judge OP Saini hearing the 2G case.
Till the conclusion of trial, the accused company can enjoy properties attached by the ED. If the trial is decided in favour of the ED, the properties will be confiscated finally. The attached properties cannot be disposed of during the trial.