Official from HDFC Bank testifies before Delhi Court in relation to the 2G spectrum case

An HDFC Bank official reportedly testified before a Delhi Court that Reliance Telecom Limited (RTL) had transferred more than Rs 19 billion to Swan Telecom between January and June 2007.

The official added that the amount was transferred from RTL to Swan in six trenches and all transactions were authentic and carried out after verification.

He said the first request to transfer Rs 282.9 million from RTL?s account to Swan was received by it in January 2007 and after that the RTL had issued four cheques of Rs 7 billion, Rs 1 billion, Rs 900 million and Rs 100 million between May 22, 2005 and June 27, 2007 and the amount was credited to Swan?s account.

The official was asked to appear as a witness to establish that Swan Telecom was “a mask” for RTL to obtain 2G licences.