Swan and Loop used as front companies to get spectrum – CBI to SC

The CBI today informed the Supreme Court that telecom companies – Swan Telecom and Loop Telecom – were used as front companies by established telecom players to get 2G spectrum illegally during the tenure of former Telecom Minister A Raja. The agency, which filed a status report in a sealed envelope before a bench of Justices G S Singhvi and A K Ganguly, said Raja will face charges of “cheating, forgery, and corruption”.

It said Swan Telecom and Loop Telecom were allegedly used as front companies by the Reliance Group (ADAG) and Essar respectively. Essar already has stakes in Vodafone.

Swam Telecom’s promoter Shahid Usman Balwa has been arrested by the CBI and ADAG firm RCom’s chairman Anil Ambani has also appeared before the agency in connection with the 2G spectrum scam.

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4. CAG reports – ADAG group got undue benefits
5. Scrap spectrum since 2003 if Raja’s policy is illegal – SC