Essar execs charged with fraud

India's federal police yesterday filed fraud charges against five executives at Essar Group – the parent company of London-listed Essar Energy – and Loop Telecom, as part of a sprawling probe into a multi-billion-dollar telecoms case. Fraud and criminal conspiracy charges have been filed against billionaire Ravi Ruia, vice chairman of Essar Energy, and his brother Anshuman Ruia. The firm denied all charges in a statement, adding that it would take legal recourse.