CBI to close probe into loans by PSBs to telcos

The CBI plans to close investigations into the preliminary enquiry (PE) with regard to loans provided by public sector banks to telecom companies under 2G spectrum scam probe.

The CBI plans to close investigations into the preliminary enquiry (PE) with regard to loans provided by public sector banks to telecom companies under 2G spectrum scam probe.

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According to sources, due to lack of evidence so far, regarding any violation of rules and regulations, the CBI is planning not to convert the PE registered in the matter into a regular case by filing an FIR.

The CBI is investigating three different matters related to the allotment of telecom licenses.

The probe agency’s first case is focused on the allotment of UAS licenses on January 10, 2008 wherein it has filed a chargesheet against A Raja, Swan Telecom promoter Shahid Usman Balwa and other. The probe agency will file a supplementary chargesheet in the same case on Monday.

Second case relates to the implementation of telecom policy between 2001 and 2008. In the matter, the CBI has registered only a PE.

The third case is with regard to disbursement of loans by public sector banks to telecom companies where again a PE was registered.

According to sources, PSBs had provided loans to the tune of R26,000 crore to some of the telecom firms that got UAS licenses under A Raja’s tenure as the telecom minister.

Sources said the preliminary enquiry was registered by the bank security and fraud cell of the probe agency against unknown bank officials. It was alleged that the public sector banks provided loans to the telecom companies despite the fact that these companies were under the CBI scanner.