The Central Bureau of Investigation (CBI) Monday filed fraud and criminal conspiracy charges against five executives at Essar Group and Loop Telecom in connection with the 2G spectrum scam.
The CBI has chargesheeted Essar promoter-director Anshuman Ruia, Essar vice chairman Ravi Ruia, Essar Group director Vikas Saraf, and Loop Telecom's Kiran Khaitan and IP Khaitan under IPC 420 and 120(b) of the Indian penal code. It claimed that Essar had more than 10 percent of cross-holdings in Loop Telecom which was against the norms.
However, Essar denied its involvement in the 2G spectrum scam and claimed that it adhered to the rules and followed telecoms guidelines.
