2G scam: Loop indeed an Essar front, says CBI

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2G scam: Loop indeed an Essar front, says CBI

The CBI, Enforcement Directorate and income tax department have submitted reports on the status of their probes into the 2G scam at the Supreme Court.

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Excerpts from Power Breakfast on CNBC-TV18 Watch the full show » BSE | NSE 01/01/70 Are Mutual Funds betting on ?

The CBI, Enforcement Directorate and income tax department have submitted reports on the status of their probes into the 2G scam at the Supreme Court. The CBI has told the court that it has completed its probe into Loop-Essar and would take a final view on the matter in 15 days as it has also given a clean chit to Dayanidhi Maran, reports CNBC-TV18's Siddharth Zarabi.

The CBI has once again told the Supreme Court that the Loop Telecom was a front of Essar and there was a direct association. Essar controlled affairs of Loop Telecom and also financed it completely.

Moreover, the law ministry seems to suggest that the association between Essar and Loop is the corner stone of the CBI strategy. It feels that this association is not applicable to this relationship and hence, there will be a sword hanging over the heads of the Ruias and others in this company.

The CBI is likely to take the position based on the legal advice. So in the next 15 days, it will be clear once the CBI completes its internal legal analysis of all the facts and evidence that it has, before it decides to file a charge sheet.
The CBI has further mentioned that there was no evidence found on what it had claimed with regard to Unitech Wireless. 

Hence, it clearly shows that the CBI is trying to make sure that it has all the facts available and it doesn't slip up in any manner. Therefore, CNBC-TV18 learns that in 15 days time, the CBI will file a second supplementary charge sheet against Loop Telecom and Essar.

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