Ed Questions Four Top Swc Officials

Executive director Narsimhan, who has just recovered from a serious illness, had come to Calcutta from Hyderabad to appear before the directorate last week.

Enforcement directorate authorities are, however, tight-lipped about the outcome of the interrogation. All the officials, including Narsimhan, were co-operative. However, it is too premature to disclose any facts that have arisen out of these interrogations, said a source. The next round of interrogations is slated to begin next week.

Earlier this month, a team of income tax officials from Calcutta had gone to Hyderabad, where Narsimhan was convalescing, to interrogate him. Narsimhan, who is believed to be a key player in various real estate deals under scrutiny by the directorate and the income tax department, had been unable to appear before the authorities earlier.

 

The ED is looking into possible violations of the Foreign Exchange Regulations Act (Fera) and siphoning off of funds abroad through inter-corporate deposits to the tune of Rs 100 crore.

The investigations are being carried on the basis of documents seized from the offices and residences of top Shaw Wallace officials in countrywide raids conducted by the income tax department two months ago.

The ED has instituted a two-pronged probe into the matter. While it has asked all non-consortium banks of the firm to submit details of current accounts in addition to the special reports by the banks, it is also probing the actual role of the Guwahati-based letter box companies believed to be fronts for carrying out dubious deals by the firm.BODY>