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2G spectrum scam: ICICI manager tells CBI about ADAG's links with Swan Telecom

NEW DELHI: Anil Ambani and wife Tina were the only two individuals with unlimited powers to transfer money and make payments for the seven Anil Dhirubhai Ambani Group (ADAG) companies that are now under CBI investigation for their links to the 2G scam-linked Swan Telecom, according to the testimony of Amit Khot, deputy branch manager of ICICI Bank's Nariman Point branch, where these seven companies have their accounts. The CBI has submitted this testimony to the trial court. In its chargesheet on the 2G scam, the CBI has alleged that "Swan Telecom was created out of funds arranged from Reliance Telecom or its associates", violating the cross-holding rules governing telecom sector and grant of licence. Three senior executives of Reliance Telecom and the company have been named accused and their bail plea was rejected by the trial court on Wednesday. According to the statement of Amit Khot, the seven companies between them transferred significant money in 2006-07, including at least Rs 107 crore to Swan Telecom. Of this Rs 104.69 crore was given to Swan Telecom in a single payment on October 19, 2007, and as per Khot's testimony, bank documents show that only Ambani or Tina were authorized to do this. A detailed questionnaire from TOI to ADAG was not answered. However, company officials called up to say that several people are usually authorized to operate a company account, but in reality it was done by some functionaries of the company's finance department. The transaction of Rs 104.69 crore came seven months after Swan Telecom submitted its application for 2G spectrum and licence. Khot, in charge of retail branch banking operations in ICICI, has furnished details of bank accounts and financial transactions involving the seven firms—ADAE Ventures, Zebra Consultants, Swan Consultants, Tiger Traders, AAA Consultancy Services, Sonata Investment, and Parrot Consultants. "Investigation has revealed that in January-February 2007, accused Gautam Doshi, Surendra Pipara and Hari Nair in furtherance of their common intention to cheat the Department of Telecommunications, structured/created net worth of a company M/s Swan Telecom Pvt Ltd out of funds arranged from M/s Reliance Telecom Ltd or its associates," the CBI chargesheet said. Khot told CBI that the bank was given extracts from the minutes of the meeting of Board of Directors of these companies and details of authorized signatories for opening accounts and operating them. The documents show Anil D Ambani and Tina A Ambani as "signatories in category I, without any limit". The other authorized signatories of these firms, except AAA Consultancy, had a limit of Rs 10 crore. In the case of AAA Consultancy Services Company both Anil and Tina were also board members.

                                                                                                               
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