Reliance Communications defaulted on a $1.78-billion loan it took from China Development Bank.
The DRI had accused Essar of using offshore entities to siphon Rs 2,900 crore through inflated invoices. So why has the directorate been kept out of the multi-agency group tasked with acting on the latest disclosures?
Suren Uppal spoke to The Wire about the timeline of events in the ‘Essar tapes’ case, how the company intercepted the calls of many government officials and businessmen, the nature of these calls and the implications of the recordings.
The RBI governor’s no-nonsense attitude in dealing with debt default did not go down well with the big business interests, leaving the political class feeling uncomfortable and insecure.
The scam is conservatively estimated by government officials at no less than Rs 29,000 crore, a third of which is in the form of higher power tariffs.