CBI, ED for joint probe into 2G money trail

Radia tapes spoke of foreign funds routed to India

The CBI, which roped in the ED, is now looking into the involvement of foreign funds and transaction records of all the firms they have raided in connection with the multi-crore scam.

With the revelations of telephone conversation among different people including corporate lobbyist Nira Radia that some of the funds have been routed to India, the investigators are now on the job of unearthing the source of fund by companies that bagged the spectrum in 2007 and 2008.

Source of funds

The CBI and the ED are also trying to find out how the real estate companies, which form most of the 122 companies that bagged the spectrum licence in January 2008, raised funds to make forays into the telecom sector.

The ED, which has questioned certain telecom operators, have already shared the details with the CBI.  The information gathered by the ED regarding the financial dealings also cropped up during the questioning of former telecom minister A Raja on Saturday, sources said.

The ED, which had registered a case under Prevention of Money Laundering Act in connection with the alleged irregularities in the case, had recently questioned representatives of certain telecom firms after analysing thousands of pages of documents submitted by them during their initial interactions.

So far, the CBI had raided 34 locations including the premises of Nira Radia, former telecom Minister A Raja and an NGO in Chennai. Raids were also held in the offices and houses of two hawala dealers on suspicion of their role in money transfer.

The ED is already probing certain entities, including subsidiaries of some telecom firms that bagged the spectrum, in over 10 countries.  The directorate is currently working towards collecting all relevant information before its sends ‘Letters Rogatory’ (request to foreign courts for initiation of judicial process against those within their jurisdictions) in those countries.

Summoning Raja, Radia

The CBI and ED officials, who have questioned Raja and Radia separately, will likely summon both of them again soon, for simultaneous interrogation.

The investigators may place all the documents they have seized so far before them and quiz them over the probe findings so far.

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