CBI on Thursday alleged before a special court that Essar Group of companies had created a "corporate veil" through a web of firms to "conceal" its actual holding in Loop Telecom Ltd (LTL) to "circumvent" the guidelines of Unified Access Services Licences (UASL).
During the ongoing final arguments in the case in which promoters of Essar Group and Loop Telecom are facing trial along with others, CBI referred to the documents and evidence placed on record and told Special CBI Judge O P Saini they specifically reflected that money trail in entire transactions originated from various Essar Group entities.