Investigators probing the 2G spectrum scam are scrutinising the ownership of Genex Exim Ventures, which acquired shares worth Rs 3.80 billion in Swan Telecom two months after the obscure company was incorporated with a paid-up capital of Rs 0.1 million, say news reports. Genex holds a 5.27 per cent stake in Etisalat DB (formerly Swan Telecom), which is under scrutiny for its alleged link with Dubai-headquartered firm ETA Star.
ETA Star is believed to be implementing many projects in Tamil Nadu and has close links to the DMK party, of which A. Raja, former Minister of Telecommunications and IT is a member.
Investigators claim Genex, incorporated in Tamil Nadu in September 2008, is represented on the Etisalat DB board by Ahmed Syed Salahuddin, son of SM Salahuddin, founder of the ETA Star group, and not by the persons listed as shareholders of Genex Exim Ventures. Ahmed Shakir and Mohammad Hassan have been named shareholders of Genex, each holding 5,000 shares, in documents with the Registrar of Companies.
Officials in the Central Bureau of Investigation and Enforcement Directorate claim Genex has not indicated in any document that there is any connection between it and the ETA Star group.
