Businessmen get bail in 2G spectrum scam
26 May 2012
The special court hearing the 2G spectrum scam on Friday granted bail to five businessmen, including Essar Tele Holding promoters Ravikant Ruia and Anshuman Ruia and Loop Telecom promoters Kiran and I P Khaitan.
All of them were charged with criminal conspiracy to cheat the telecom department, as part of the 2G spectrum scam. Ravi Ruia is India's ninth richest, according to Forbes and is among the top businessmen in the country.
However, the Central Bureau of Investigations (CBI) court, charged the Ruias and Khaitan, along with Vikas Saraf, director-strategy, Essar Group, with criminal conspiracy and cheating.
CBI in its chargesheet filed on 12 December 2011, said Loop Telecom had made fraudulent applications for 21 circles on 3 September 2007, which was a result of ''the entire conspiracy to cheat the DoT through a fraudulent corporate veil, to hide the actual holding structure of Loop Telecom and Loop Mobile - erstwhile BPL Mobile, which was committed through Essar Teleholdings.''
Ravi Kant and Anshuman Ruia, along with Saraf, all belonging to the Essar group, remained directors on the board of Hutch Essar during the entire relevant period – 2004 to 2010 - and were looking after the telecom interests of the Essar Group in the joint venture and elsewhere, the chargesheet added.
Essar's director for Strategy & Planning Vikash Saraf and Loop promoters IP Khaitan and Kiran Khaitan were charged under section 120-B (criminal conspiracy) and section 420 (cheating) of the Indian Penal Code. If convicted, the five officials could face up to seven years in prison.
