Swiss yet to accept CBI request for probe into share transfer

The Swiss authorities are yet to accept CBI's request for ascertaining the final beneficiary of Reliance Telecom's (RTL) suspicious share transfer to Swan Telecom in December 2007.

According to the presentation of CBI before Joint Parliamentary Committee, the CBI informed the Parliament members that during the probe into the dual technology policy acceptance and its application, there was a suspicious stake transfer by RTL in Swan Telecom to Mauritius-based Delphi Investment in December 2007.

The CBI said these shares would have valued at 100 million dollars if it was sold at the value agreed between Swan Telecom and Etisalat Mauritius Limited during October 2008. However, the same equity was transferred for four million US dollars only, the presentation said.

The probe agency made it clear that it had found no evidence of criminal misconduct in the allocation of dual technology spectrum to Reliance Communications, a day before the policy was announced in October 2007, there was the issue of suspicious stake sale and the end beneficiary of the same needs to be established.

"...the said transfer of shares to Delhi Investment limited is suspected to be quid pro quo by Reliance Telecom to unknown public servants," the presentation said. The CBI said that Letters Rogatory for investigating this was sent to Mauritius in January last year which was followed by another supplementary request in May 2011 to ascertain as to who are actual beneficiaries of the investments.

In the response, Mauritius informed that immediately before shares of RTL were transferred to Delhi Investment, the entire shares of Delphi were taken over by Mavi Investment between December seven, 2007 to December 11, 2007.

Later on, it was found that Mavi Investment fund was held by BTS Belvoir Investment AG of Switzerland during the period prompting the agency to send a Letters Rogatory to Switzerland "in order to ascertain the ultimate beneficial owner of the investment in Swan Telecom by Delhi".

"The letters Rogatory is being pursued through Indian Embassy at Switzerland. Swiss authorities are yet to accept the presence of CBI team," it said.