CBI, ED looking into flow of funds from Mauritius

13 years, 1 month ago - February 24, 2011
Linked to the Loop investigations, agencies are also looking at several companies, many of them based in Mauritius such as Capital Global, Aid-tel Holdings, Deccan Asian Infrastructure etc.

The CBI and Enforcement Directorate are investigating several foreign companies and their investments into Indian firms including many of the beneficiaries of 2G scam. While some of them are suspected to be front companies floated by major corporate houses that benefited from the scam, many others are suspected to be vehicles for moving kickbacks. 

The CBI has already forwarded a Letter Rogatory to Mauritius, seeking its assistance in investigating most of these foreign companies. In its LR issued in December, CBI has asked for details of 12 companies which reportedly had invested in Swan Telecom, Loop Telecom, or had financial links to Reliance Telecom and Essar group. 

These 12 companies are Etisalat, Delphi, Apex Fund Services, Maavi Investment Fund, Capital Global, Black Lion, Inditel Holding, Deccan Asian Infrastructure, Aid-tel Holding, Kaif Investment, Electro Investments and Palab Investments. Official sources said ownership details, investment patterns and percentage of shares have been asked through Mauritius authorities in the LR. Sources said several money trails were being probed. The CBI was looking at a web of transactions around Swan Telecom, which was accused by CAG of being a front for Reliance Telecom. Reliance has vehemently denied such allegations. 

CBI is extremely curious about the sale of Reliance stake in Swan Telecom to Mauritius-based Delphi Investments, sources said. 

Investigators are also looking at the movement of investments in Loop Telecom, which they suspect was a front for the Ruias of Essar group. The CBI has already questioned Essar CEO Prashant Ruia. Investigations into Loop probe is centred around Santa Trading, owned by Kiran Khaitan, a sister of the Ruias. 

They are also looking at a string of companies such as BPL Communications, BPL Mobile Communications and Mauritius-based Capital Global Ltd. Some 80% of BPL Communications is owned by Kiran Khaitan through Santa Trading. Through the complex web, investigators believe, Ruias owned/controlled Loop Telecom. 

Linked to the Loop investigations, agencies are also looking at several companies, many of them based in Mauritius such as Capital Global, Aid-tel Holdings, Deccan Asian Infrastructure etc.

Text by The Times Of India

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