New Delhi: After Mauritius, joint teams of
CBI and Enforcement Directorate officials will now visit five
other countries including UK, Cyprus and Singapore to track
the trail of huge money transactions in connection with 2G
spectrum allocation scam.
While the CBI officials will examine the shareholding
pattern of nearly a dozen companies, the ED will look for
various entities that routed money using the country`s
financial channels violating forex rules.
Sources said that the team will visit UK, British Virgin
Islands and Isle of Man on June 13 and Singapore on June 22.
The teams are expected to visit Cyprus on June 24.
The decision comes in the backdrop of a four-member team
of CBI and ED officials returning from Mauritius yesterday
after collecting information and evidences relating to
companies involved in the probe, they said.
The sources said the Indian team had met various
officials of the Registrar of Companies (RoC), Attorney
General`s office and Mauritius offshore banking authority to
know the details of the companies which had opened bank
accounts and using this mode to send money to various telecom
firms in India.
Mauritius-based front companies of foreign investors are
often utilised as a route to avoid paying taxes in India.
Investors utilise loopholes in the bilateral agreement on
avoidance of double taxation between the two countries to
channel funds illegally.