NEW DELHI: The Enforcement Directorate has begun a ‘preliminary inquiry’ into the Antrix-Devas deal’s financial transactions to find out whether the deal was in contravention of the foreign exchange or anti-money laundering laws.
The probe will be focused on Devas Multimedia Pvt Ltd’s two Mauritius-based companies, Telecom Devas (Mauritius) Limited and Columbia Capital Devas (Mauritius) Limited. It will look into financial dealings of individuals involved in the deal to ascertain if they have any ‘benami’ or ‘fictitious’ holdings in these companies.
According to ED sources, the investigation started last month and is now in the initial stage of collecting information and documents from government agencies.
The investigating team is working closely with the Ministry of Corporate Affairs (MCA) to ascertain ownership and shareholding patterns of Devas. However, a formal case will be registered only if there was any irregularity with respect to the Foreign Exchange Management Act or the Prevention of Money Laundering Act.