Unitech, Swan caused Rs 7,105-crore loss: CBI -Governance Now

Unitech, Swan caused Rs 7,105-crore loss: CBI

CBI charges Unitech, Swan brass, DoT officials with entering into a criminal conspiracy and caused wrongful gains to themseleves

PTI | February 9, 2011

Swan Telecom and Unitech Telecom companies had together caused a loss of over Rs 7,000 crore to government exchequer as both had offloaded their shares for hefty sums after getting the 2G spectrum, alleges CBI.

With the arrest of Shahid Usman Balwa, promoter of Swan, the focus of CBI is now on officials of Unitech who had been instrumental in getting the Unified Access Licenses (UAS) during September 2007 and January 2008.

In a five-page FIR, CBI charged the officials of the Department of Telecom and some private companies with entering into a criminal conspiracy and caused wrongful gains to themseleves.

It said M/s Unitech was alloted UAS licenses for 22 cricles for Rs 1,658 crore. "It offloaded its 60 per cent of shares in the licenses to Telenor of Norway for Rs 6100 crores even before the roll-out," the FIR said.

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