The Central Bureau of Investigation (CBI) is probing the alleged links between Loop Telecom and Reliance Communications (RCOM) with 12 Mauritius-based companies, according to news reports.
The CBI has sent Letters Rogatory to Mauritius to find the real owners of these 12 companies. According to a CBI report, a corporate group holding substantial stake in an Indian operator also held controlling stake in Swan Telecom Private Limited (now Etisalat DB Telecom) through several Mauritius-based companies in violation of UAS licenses guidelines. Similar allegations have also surfaced against Loop Telecom limited.
In Loop Telecom?s case, Mauritius-based companies such as Black Lion Limited, Capital Global Limited, Inditel Holdings Deccan Asian Infrastructure, Kaif Investment Limited, Electro Investment Limited, Palab Investment Limited and Aidtel Holding have been found to have stake in Loop Telecom.
Similarly, Etislalal Mauritius Limited, Delphi Investment Limited and Mavi Investment Fund are being linked to Reliance Telecom.
The CBI believes that these firms are frontal companies for these operators.
