24 May 2011

Indian Court Denies Bail to Accused in Telecom Corruption Scandal

The accused in India’s high-profile telecom scandal, which allegedly may have cost the public up to $39 billion, were denied bail today by an Indian judge, citing that the evidence against them was incriminating. The scandal dates back to 2008 when telecom licenses for the 2G spectrum were allegedly sold well below the then-current market price.

Those accused include Vinod Goenka, the director of Swan telecom (pictured here), Sanjay Chandra, the director of Unitech Wireless – and the son of the billionaire property baron Ramesh Chandra, and 3 executives of the billionaire Ani Ambani’s group. A. Raja, the former telecoms minister, has also been arrested on allegations of corruption, which he denies.

Click the links for the original articles from Forbes and Reuters.

The photo of Mr. Goenka comes from the website of Dynamix Balwas Group.