New Delhi: Troubles seem to be unending for the telecom companies including Swan, Loop and S-Tel, as the Enforcement Directorate (ED) has slapped various charges of FEMA violations of over Rs 4,300 crore on them in the 2G spectrum scam on Saturday.

The ED in its complaint filed before the Competent Adjudicating Authority for FEMA violations said it is also probing suspected contravention of forex rules in Virgin Mobile, a joint venture of Tata Group.

Assistant Director in the case has filed a complaint before the Adjudicating Authority in the FEMA violation case.

According to the FEMA Act, a complaint filed by the investigating officer is considered equal to a chargesheet. And, if the Adjudicating Authority finds the charges correct then three times penalty can also be imposed on the accused.

The ED has charged Shahid Balwa-promoted Swan Telecom with committing FEMA contraventions to the tune of Rs 3,608 crore. Swan Telecom Pvt Ltd issued 44.73 per cent shares to Dubai-based Etisalat and 5.27 per cent shares to Genex Exim as per agreement on September 23, 2009.

The Loop Mobile India Limited, which is based in Mumbai and Delhi, the ED alleged FEMA violation to a total amount of Rs 431 crore and Rs 183 crore respectively.
According to the sources, these companies did not report the receipt of funds from abroad within the stipulated period of time to the respective departments.

JPN/Bureau