Investigators suspect owners of one telecom company, which got unified access service license (UAS) and 2G spectrum during A Raja's regime were fronting for the former telecom minister and his associates.
According to sources, the company was transferred to the new owners under mysterious circumstances on nominal charges and Raja played a critical role in the transfer.
Investigators believe the new owners were brought in Raja's behest. The probe agency has established a money trail that shows a nexus between Raja and that company.
An investigator told HT under the condition of anonymity, "We know who really owned the company."
Investigators said they would call the owners of that company for questioning after some loose ends in the conspiracy part of the case are tied up. The CBI will first move against some telecom officials as some leads have emerged against them during the custodial interrogation of A Raja, his former personal secretary RK Chandolia and former telecom secretary Siddhartha Behuria.
Sources said the agency has zeroed-in on two telecom officials who played a key role in the conspiracy to allocate the licences and 2G spectrum A Raja's favoured companies.