Sources within the CBI revealed that Raja invested a major chunk of money in real estate. They also claimed that they had enough evidence to prove that the money was re-channeled in such a way that it looked like foreign investment. Green House Promoters, Chennai also faces allegations over huge amounts of black money stashed in foreign accounts to evade tax.
The Managing Director of Green House, Sadiq Batcha was interrogated by the CBI and the fact has surfaced that Batcha was instrumental in transferring the money Raja received as kickbacks in the spectrum allocation into various ventures. The investigative agencies are also probing the role of other member's of Raja's family in the various transactions.
The CBI questioned Raja's elder brother Kaliaperumal and found that he had invested in various establishments like Equaas Estates, Kovai Shelters Promoters India Private Limited and Shivakhamam Traders, apart from Green House Promoters. This was found to be done after the spectrum was allocated to telecom companies in 2008.
The transactions have caught the attention of the investigative agencies and after subsequent raids by CBI and the Enforcement Directorate have sent letters rogatory to Dubai, Malaysia and Singapore.
Raja's wife, MA Parameswari has also been accused of blatantly flouting laws by misusing her name and position to operate a business in her capacity as a Director of the firm and helping raise funds for the same. She used Raja's official residence address, Motilal Nehru Marg, Delhi as her business address. She managed to raise Rs 3 crore within 14 months of establishing the company. After establishing a solid base in South India, the company set up an office in Singapore.
An inside source reveals, “We have learnt that the Singapore branch of the company operating from Serangoon was used to park hawala money. From this office a huge amount was pumped into its Chennai office to purchase land across the country with the help of DB Realty."