The Central Bureau of Investigation (CBI) has found a Dubai link to Genex Exim Ventures which picked up stake in Swan Telecom.
The company, which is suspected of having been used to route kickbacks received by former telecom minister A Raja in the 2G scam, had subscribed to 1.3 crore shares of Swan Telecom on December 17, 2008 — the same day on which UAE's Etisalat got 11.3 crore shares for a 45% stake.
Investigators found that the Rs 380 crore paid by Genex for the stake was arranged through ETA Star Infrastructure that had an account with Oriental Bank of Commerce's Goregaon branch in Mumbai. It was also traced that on December 17, 2008, ETA Star received Rs 380 crore from Dubai-based Al Waha Investment. The sum was routed by Al Waha through its account in Mashreq Bank, Dubai, to ETA Star's Mumbai account.
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