2G scam: Over to the Swiss Alps

The money trail in the 2G scam has now reached Switzerland. According to a report in The Indian Express on Monday morning, the Central Bureau of Investigation is scrutinising documents received from Mauritius to put together the money trail for Delphi Investment, the company to which a 9.9% stake held by Reliance Telecom in Swan Telecom was transferred in December 2007.

[caption id=“attachment_31850” align=“alignleft” width=“380” caption=“The CBI wrote to the authorities in Mauritius that Reliance Communications sold its entire equity of 1.07 crore shares to Delphi, based in Mauritius. Reinhard Krause/Reuters”]  [/caption]

The information is about 15 companies involved and their ownership patterns. “Details and the funding pattern of Mavi Investment Fund, the company of which Delphi is a wholly-owned subsidiary, have also been received by the CBI,” the report states without naming any source.

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FP Comment: Any further investigation to Switzerland would mean a near dead end. The Swiss authorities are hesitant about revealing too much. We have seen that in the black money trail. Nobody expects any recovery of billions of dollars stashed away in Swiss banks. While diplomatic pressure on Switzerland could be used it must be understood that Switzerland is not part of any influential grouping like European Union or even United Nations. Besides, India is not America.

The CBI wrote to the authorities in Mauritius that Reliance Communications (RCom) sold its entire equity of 1.07 crore shares to Delphi, based in Mauritius. This was soon after RCom acquired the dual technology licence. CBI is investigating if this trail has connections to the alleged pay-offs involving former Communications Minister minister A Raja.

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Swan Telecom promoter Shahid Balwa was sent to prison in February 2011 as the company is allegedly a beneficiary in the 2G scam.

Among companies that CBI had asked for information from Mauritius include Delphi Investments, Mavi Investments, Capital Global, Black Lion, Inditel Holdings, Deccan Asian Infrastructure, Aidtel Holding, Kaif Investments, Electro Investments and Palab Investments for their alleged role in the 2G scam. The Supreme Court of Mauritius had directed the Attorney-General there to provide the information to India, according to a report in The Hindu newspaper.

The CBI is expected to file a third chargesheet in the 2G scam by the second week of July 2011.