CBI seeks info from Mauritius on Swan, Loop Communication

The Central Bureau of Investigation (CBI), which is probing the 2G spectrum scam, has sought details from Mauritius authorities on the identity of the individual/s or firm/s that allegedly benefited from the sale of Reliance Telecom Limited (RTL)'s 9.9% stake in its associate firm —Swan Telecom Private Limited (STPL) — to Mauritius-based Delphi Investments in 2007. Abhishek Sharan reports.

The Central Bureau of Investigation (CBI), which is probing the 2G spectrum scam, has sought details from Mauritius authorities on the identity of the individual/s or firm/s that allegedly benefited from the sale of Reliance Telecom Limited (RTL)'s 9.9% stake in its associate firm —Swan Telecom Private Limited (STPL) — to Mauritius-based Delphi Investments in 2007.

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The CBI chargesheet has identified STPL and RTL as the accused companies. RTL, which held 9.9% stake in STPL, had allegedly earned a profit of R10 crore by selling off its equity to Delphi Investments in 2007, according to the CBI's probe.

“The RTL sold off its stake after realising that it no longer required control over the STPL management to get spectrum in 13 telecom circles, as a Telecom Regulatory Authority of India (TRAI) order of August 2007 had entitled it to the same there,” said the source.

The CBI has provided details to Mauritius on several specific banking transactions, including bank accounts, of around a dozen firms .

The CBI has sought details of nearly 11 Mauritius firms that could be allegedly linked to “a separate offence concerning Loop Telecom in August 2009,” said the source.

Acting on two Letters Rogatories sent by CBI, Supreme Court of Mauritius has directed that country's Attorney General to gather information.