New Delhi: The Enforcement Directorate (ED) on Wednesday informed the Supreme Court that it would attach properties of accused in the 2G spectrum scam to recover losses incurred by the exchequer.

ED has started the procedure to seize properties of Unitech Wireless (Uninor brand) worth more than Rs 2300 crore under the Money Laundering Act. Unitech Wireless is an associate company of India’s leading Real Estate company Unitech.


The ED initiative is based on the chargesheet filed by CBI in the case.

Next in line after Unitech would be Swan Telecom whose properties worth Rs 2800 crore would also be attached.

Along with the firms which bought 2G spectrum license, the seizure will also affect those foreign companies which bought shares of these firms after paying heavy premium. The move would also affect those banks which had granted loans to these companies.


It has been revealed that promoters of Unitech Wireless had invested equity of only Rs 138 crore. Later on, they sold 66.5percent equity to Norway's Telenor, earning a premium of Rs 2480 crore in the process.

Likewise, in the case of Swan Telecom, Shahid Balwa and Vinod Goenka earned Rs 2828.34 crore by selling their share to a UAE based company Etisalat.


ED will take into account all this earning while evaluating the amount that would be seized from these firms. All other companies which benefited from the illegal allocation of 2G spectrum are also likely to come under the scrutiny of ED in the coming days.
 
(JPN/Bureau)