ED issues notice to two Loop telecom firms

The Enforcement Directorate has issued show cause notices to two Loop telecom firms for alleged violation of foreign exchange laws to the tune of about Rs 384 crore in connection with the 2G scam.

The Enforcement Directorate has issued show cause notices to two Loop telecom firms for alleged violation of foreign exchange laws to the tune of about Rs 384 crore in connection with the 2G scam.

HT Image

The Directorate had earlier slapped various charges of FEMA violations on Loop Mobile India Ltd and Loop Telecom Ltd and the adjudicating authority now has accepted the complaints filed by the investigators of the case, ED sources said.

The Adjudicating Authority in this case is the special director of ED based in the national capital.

The ED has already filed complaints to the tune of over Rs 4,300 crore against top telecom firms allegedly involved in the scam, they said.