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2G scam: CBI sends LR to Switzerland to probe Swan beneficiary

The CBI has said in an affidavit to the Supreme Court that the agency will pursue the matter with the help of Liaison Officer in Swiss Embassy besides sending its own team to get early response from Switzerland

New Delhi: Probing the beneficiaries of Swan Telecom, which got a second generation (2G) licence, the Central Bureau of Investigation (CBI) has sent a request to Switzerland for investigating the antecedents of Mavi Investment Fund which is alleged to have made a payment of $4 million to Reliance, reports PTI.

According to CBI, a Letter Rogatory (LR) was considered necessary to be sent to Switzerland for which an approval was taken from home ministry on 30 August 2011.

A special court issued a Letter Rogatory on 14th September which was later translated into French language as per the requirement of Mutual Legal Assistance treaty with Switzerland.

The CBI has said in an affidavit to the Supreme Court that the agency will pursue the matter with the help of Liaison Officer in Swiss Embassy besides sending its own team to get early response from Switzerland.

“Role of Anil Ambani and other employees of Reliance in allocation of GSM spectrum to Reliance under dual technology with reference to sale of 9.99% share in Swan Telecom to Delphi Investment is being probed during further investigation,” the CBI had said in its response to a petition by Prashant Bhushan and Subramanian Swamy.

“It is revealed that immediately on receipt of approval for GSM services from Department of Telecom (DoT), Reliance Telecom sold its directly held 107,91,000 shares of Swan Telecom to Delphi Investment at a throw away price of Rs15 per share whereas Etisalat brought additional equity of Swan Telecom at Rs285 (approximately) per share.

“...it makes it clear that the said shares sold by Reliance Telecom to Delphi Investment were grossly undervalued,” CBI said.

The agency further claimed that at time of transfer of the shares of Swan Telecom, Delphi was held 100% subsidiary of Swiss-based BTS Belvior Investment.

"The said payment of $4 million was made to Reliance out of the funds received from Mavi investment fund,” the CBI said.

The agency wants to know the structure and owners of the Swiss based company for which Letters Rogatory had been sent, official sources said.

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