New Delhi: The Central Bureau of Investigation (CBI) told a special court that Essar Group was “effectively controlling” Loop Telecom Limited (LTL) which had “fraudulently and dishonestly” misrepresented facts before Department of Telecommunications (DoT) to acquire 2G spectrum licences. The agency argued that the entire funding in this case was by Essar Group of companies and restructuring of firms was done to conceal the fact that the Group was controlling LTL.
Advancing final arguments in the case in which promoters of Essar Group, Loop Telecom Ltd and others are facing trial, special public prosecutor Anand Grover said that “fraudulent misrepresentation” by LTL before the DoT constituted alleged offence punishable under section 420 (cheating) of the IPC.
“There are series of transactions which shows that before, after and during the conspiracy, Loop Telecom was controlled by Essar Tele Holding Ltd (ETHL). They (LTL) fraudulently and dishonestly misrepresented the fact before DoT to get the 2G spectrum licences,” Grover told Special CBI Judge O P Saini.
