New Delhi: In a bid to tighten the noose around Essar Group and its associate Loop Telecom, the Central Bureau of Investigation (CBI) said it has sufficient evidence to file a chargesheet against the erring companies by the July end. 

“An important clause in the 2G spectrum allocation states that the company providing the mobile services cannot apply for the licenses directly or indirectly i.e. with the help of any associate company,” said the CBI sources here on Sunday.

However, Essar and Loop through mutual consent violated this norm. Essar Group on January 10, 2008, managed 2G spectrum allocation fee worth Rs 1500 crore for Loop Telecom. This amount also included a loan of Rs 700 crore taken from the State Bank of India on behalf of the Essar.

It may be noted that Essar Group’s two companies including Power Limited and Shipping Limited also played a pivot role in acting as guarantors in the bank stating that their associate company Loop Communications direly needed loan. Though, Essar later clarified by saying that it was just an extended help to Loop Telecom.

Talking about the evidences, one CBI official mentioned that the Supreme Court gave the permission to continue the probe after seeing these documents.

Meanwhile, the agency also questioned Corporate Affairs Minister Murli Deora’s statement for pre-empting the investigation into 2G spectrum scam by giving a clean chit to the Essar Group’s Loop Telecom. Deora on Sunday had stated that Essar was not an associate of Loop Telecom.

The CBI will file a chargesheet against Loop and Essar by July end.

JPN/Bureau