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Essar group involved in 2G scam: CBI tells SC

CBI on Wednesday indicated involvement of Essar group in the 2G spectrum scam when it said in the Supreme Court that Loop, which got license during the tenure of A Raja, was its front company.



New Delhi: CBI on Wednesday indicated involvement
of Essar group in the 2G spectrum scam when it said in the
Supreme Court that Loop, which got license during the tenure
of A Raja, was its front company.

The agency also questioned the role of Ministry of
Corporate Affairs in giving clean chit to Essar group.

Without naming the corporate house, the agency said
that it had promoted the telecom company in order to get
license and 2G spectrum during the tenure of former telecom
minister Raja.

Giving details of financial transactions which was
routed through Mauritius, senior advocate KK Venugopal,
appearing for the CBI, submitted that the money trail clearly
established the involvement of the corporate house.

"Attempts were made to project that they are not
connected but slowly we are finding that they are closely
involved," he said, adding "corporate guarantee was granted by
the group company".

"The lady mentioned in the list is the sister of
director of the group company and is holding the telecom
company along with her husband and brother. They are partners
and the telecom company is owned by the three," he said
without taking their names.

The investigating agency also questioned the propriety
of ministry of corporate affairs as well as others to comment
on the status of relationship between Loop Telecom and Essar.

"This is unwarranted when the Supreme Court is
monitoring the investigations," it said.

The ministry had communicated to the Telecom Ministry
that the Ruias-led group held only 2.15 per cent stake in Loop
Telecom at the time of obtaining 2G license.

PTI

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