Presenting its final arguments in the 2G spectrum case, the CBI Tuesday accused the Reliance Anil Dhirubhai Ambani Group (ADAG) of having allegedly “infused” thousands of crores in Shahid Balwa’s Swan Telecom Pvt Ltd (STPL) — which allegedly was a front company to bag 2G licences.
Special public prosecutor Anand Grover argued that huge amount of money was allegedly transferred from Reliance ADAG to STPL through a “circuitous route” to conceal its “true ownership” and it was done to fulfil the net worth criteria of the applicant firm to bag the 2G licences.
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“For 13 circles, STPL applied for 2G licences and Reliance ADAG funded thousands of crores in it (STPL). Reliance ADAG infused several thousands of crores in STPL. A circuitous route was applied to fund STPL to fulfil the eligibility of net worth of STPL,” he told Special CBI Judge O P Saini.
Delving into the details about alleged concealment of true ownership of STPL, Grover said it was shown that Reliance ADAG was allegedly holding only 9.9 per cent in STPL and the remaining 90.1 per cent was held by Tiger Traders Pvt Ltd (TTPL), but in reality TTPL was nothing but a firm owned by Reliance.
He added that top officials of Reliance ADAG facing trial in the case — Gautam Doshi, Surendra Pipara and Hari Nair — were commanding the “structures of these companies.” The final arguments in the case will continue on July 22.