New Delhi: The 2G spectrum allocation scam, biggest scam of independent India, which caused a huge loss of Rs 1.76 lakh crore to the public exchequer, was fixed for a bribe of Rs 700 crore. The appalling figures have come into light after the three years of CBI investigation in the multi-crore scam.

As per the CBI sources, Rs 200 crore of the total bribe money has been recovered so far while the another Rs 500 crore are still being traced through foreign sources.   

Elaborating upon the findings of the probe, a senior CBI official said, “Real estate firm DB Realty had bribed a whopping amount of Rs 200 crore in the 2G scam. The bribe money was given by Swan Telecom Pvt. Ltd. (now Etisalat DB Telecom Pvt. Ltd.) to Kalaignar TV through a number of intermediary companies in the garb of loan or share application money.”

Kanimozi in 2G spectrum

The CBI has already filed a chargesheet against former Tamil Nadu Chief Minister Karunanidhi’s daughter Kanimozhi for accepting bribe of Rs 200 crore in allocating the 2G spectrum to Swan Telecom. The alleged bribe was paid in the form of an investment in Cineyug through which it was siphoned off to Kalaignar TV owned by Karunanidhi led DMK.

Unitech Chairman Sanjay Chandra in the net

Along with this a sum of Rs 240 crore was given as bribe by Unitech for getting 2G spectrums. According to the probing agency, Unitech Chairman Sanjay Chandra had paid a heavy bribe of USD 5.20 crore (about Rs 240 crore) to an unidentified person in the tax haven ‘Isle of Man’. However, after acquiring the 2G spectrum, Unitech’s associate firm Unitech Overseas Limited had invested USD 5.1 crore in Mauritius based company Pluri Emerging but unfortunately the investment was lost within a year. 

The investigating officials believe that the so called investment was actually a bribe. The CBI is trying to trace the owner of Mauritian firm Pluri Emerging which received the alleged bribe. As per the investigating officials, Reliance Telecommunications had sold its 9.1 percent stake in Swan Telecom to Mauritian company Delphi Investment Ltd. It is believed that the price of sold stakes was around Rs 240 crore at the time when spectrums were allocated to Swan Telecoms.

The investigations revealed that Delphi Investment Ltd. was a subsidiary organisation of Mavani Investment Ltd. Interestingly; the probing agency is still clueless about the owner of Mavani Investment Ltd. “The nexus that resulted to the multi-crore scam in the country is clear now. The sources of bribe have also been revealed. Now, the recovery of money from foreign sources will be a tough challenge for us,” said a senior CBI official.