2G scam: CBI send LR to Switzerland to probe Swan beneficiary
Probing the beneficiaries of Swan Telecom, which got a 2G licence, the CBI has sent a request to Switzerland for investigating the antecedents of Mavi Investment Fund which is alleged to have made a payment of four million dollars to Reliance.
New Delhi: Probing the beneficiaries of Swan Telecom, which got a 2G licence, the CBI has sent a request to Switzerland for investigating the antecedents of Mavi Investment Fund which is alleged to have made a payment of four million dollars to Reliance.
According to CBI, a Letter Rogatory was considered necessary to be sent to Switzerland for which an approval was taken from Home Ministry on August 30, 2011.
A special court issued a Letter Rogatory on September 14 which was later translated into French language as per the requirement of Mutal Legal Assistance treaty with Switzerland.
The CBI has said in an affidavit to Supreme Court that the agency will pursue the matter with the help of Liaison Officer in Swiss Embassy besides sending its own team to get early response from Switzerland.
"Role of Anil Ambani and other employees of reliance in allocation of GSM spectrum to reliance under dual technology vis a vis sale of 9.99 per cent share in Swan Telecom to Delhi investment is being probed during further investigation," the CBI had said in its response to a petition by Prashant Bhushan and Subramanian Swamy.
"It is revealed that immediately on receipt of approval for GSM services from Department of Telecom, Reliance Telecom Limited sold its directly held 107,91,000 shares of Swan Telecom to Delphi Investment at a throw away price of Rs 15 per share whereas Etisalat brought additional equity of Swan Telecom at Rs 285 (approximately) per share.
"...it makes it clear that the said shares sold by Reliance Telecom to Delphi Investment were grossly undervalued," CBI said.
The agency further claimed that at time of transfer of the shares of Swan Telecom, Delphi was held 100 percent subsidiary of Swiss-based BTS Belvior Investment.
"The said payment of USD four million was made to Reliance out of the funds received from Mavi investment fund," the CBI said.
The agency wants to know the structure and owners of the Swiss based company for which an Letters Rogatory had been sent, official sources said.