2G: No money trail found in Unitech's case, says CBI -Governance Now

2G: No money trail found in Unitech's case, says CBI

Special public prosecutor said Swan Telecom and Unitech, alleged beneficiaries, got the 2G licences despite being ineligible and later off-loaded their shares and earned huge profit of around Rs 7,300 crore

PTI | August 30, 2011

CBI could not find evidence against Unitech Wireless (Tamil Nadu) Private Ltd to show any money trail as "quid pro quo" in lieu of grant of 2G spectrum licenses, a Delhi court was told on Wednesday.

"We are conscious of the fact that so far as Unitech is concerned, we have found nothing to show any money trail against them. There is no quid pro quo as far as money exchanging hands is concerned in relation to Unitech," Special public prosecutor U U Lalit said.

Lalit was winding up his arguments before special CBI judge O P Saini on framing of charges against 17 high-profile accused in the 2G scam that also included Unitech Wireless (Tamil Nadu). He sought framing of charges against all the accused under various provisions of the IPC and the Prevention of Corruption Act.

Lalit said Swan Telecom and Unitech, alleged beneficiaries, got the 2G licences despite being ineligible and later off-loaded their shares and earned huge profit of around Rs 7,300 crore. The prosecutor opposed the plea of Unitech Wireless (Tamil Nadu) Private Ltd that it cannot be prosecuted for the alleged offences of erstwhile eight group companies, which got the licenses. Eight companies were later amalgamated into one.

"Merely because eight companies have merged into a ninth entity, makes no distinction. The person in charge of these eight entities are the in charge of the ninth entity so formed. Theoretically, it makes no difference," Lalit argued.

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