Author: Krishnadas Rajagopal
Publication: The Indian Express
Date: March 30, 2011
URL: http://www.indianexpress.com/story-print/768931/
Allotment of one share worth Rs 3 for a whopping
Rs 106.95 crore, Rs 3.33 crore largesse to a "family doctor", a
"land bank" worth Rs 35 crore are certain instances the Enforcement
Directorate's status report listed out today in the Supreme Court to show
the money trail in the 2G spectrum scam even as the CBI is gearing up to file
a 80,000-page chargesheet on April 2.
The ED report says the payments, mostly from
"fixed sources or destinations abroad", in the form of FDI are in
fact quid pro quo for favours done by former telecom minister A Raja disguised
as loan transactions.
"Huge amounts were brought in through
FDI bypassing RBI guidelines. These transactions are after September 2008,
after the licences (2G) were issued. We have also found that excess money
has been acquired through benami transactions," senior advocate K K Venugopal,
representing both ED and CBI, submitted before a Bench of Justices G S Singhvi
and A K Ganguly.
"Etisalat received Rs 106.95 crore as
foreign investment for which one share was allotted. The face value of the
share was Rs 3 and its market value Rs 270," he submitted, adding that
the ED has also traced a Rs 3,258 crore transaction and another six exchanges
sourced from Dubai which have violated Foreign Investment Promotion Board
guidelines.
But the hitch, Venugopal explained, was that
FDI up to 50 per cent is allowed and above that only attracts a penalty under
FEMA. So, he said the ED is looking into whether any of the transactions attract
charges of money laundering.
The ED sent two requests on February 4 and
March 18 to RBI for information regarding the overseas transactions, and the
bank replied on March 21 seeking time. The agencies have also roped in the
Financial Intelligence Unit for tracing some money transactions.
"Meanwhile, a joint team of the CBI and
ED is following the money trail to Mauritius to put pressure on the government
to divulge the sources of the transaction.... Diplomatic channels have been
opened to help probes involving foreign countries," Venugopal said.
In a second status report by the CBI, Venugopal
said the agency has completed transcribing the Radia tapes and they would
be used as evidence in the trial.
The CBI said the main chargesheet would involve
charges of cheating, forgery and corruption, and would arraign five persons,
including Raja, and two firms.
It mentioned about Swan as a "front"
company even as the court enquired why it did not conduct custodial interrogation
of some persons who were only summoned. Venugopal said agency usually does
not opt for custodial interrogation when it has sufficient evidence.
The court directed the CBI and the government
to respond on April1 to an application filed by advocate Prashant Bhushan
seeking transfer of the probe into the death of Raja aide Sadhick Batcha from
the Tamil Nadu police to the CBI.
