Essar funded Loop telecom: CBI

New Delhi, July 1 (IANS) The Central Bureau of Investigation on Wednesday told a special court hearing the 2G case that funding of the Loop Telecom group was done by Essar.

Advancing final arguments in the case, CBI prosecutor Anand Grover told Special Judge O.P. Saini that most of the funding of Loop Telecom was done by Essar Group.

The CBI has alleged that the promoters of the Essar Group were the real investors and beneficiaries of the spectrum and licences issued to Loop Telecom, which was used as a front company by Essar to acquire 2G licences and spectrum in 2008.

Essar and Loop promoters are facing trial for hatching conspiracy to cheat the government for obtaining spectrum licence.

The arguments will be continued on Thursday.

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