Another arrest in 2G scam; Balwa's brother Asif held

New Delhi, Mar 29: The DB Realty has been more cornered after its CFO and executive director Asif Balwa was arrested over his alleged role in 2G spectrum scam. The investigating agency CBI, arrested Asif and another person namely Rajiv Agarwal previously, and now his brother Asif's arrest extended the jittery for the company as well as for Swan telecom.

Asif and Rajiv are directors of Kusegaon Fruits and Vegetables Pvt Ltd, which reportedly loaned Cineyug a sum of Rs 212 crore. But it was not a straight forward loan and passed through a maze of transactions.

It was reported that money was loaned by DB Realty group to DMK's Kalaignar TV. DB Realty was owned by Shahid Balwa who has a stake in Swan Telecom which is one of the companies named in the 2G scam.

Meanwhile, another director of DB Realty Sundaram V Rajagopal resigned from the company. After Shahid Balwa's arrest, the company saw many high-profile exit from the company's board. Last month, Shahzad Dalal, vice chairman and managing director of IL&FS Investment Managers, and former State Bank of India managing director Chandan Bhattacharya, had resigned. They were also directors of the company.

The investigating panel in the scam - Public Accounts Committee (PAC) also summoned Ratan Tata, Niira Radia and Anil Ambani to quiz the honchos regarding their alleged roles in the multi-crore scam.

Currently, Shahid Balwa has been sent to Tihar jail in New Delhi, where former telecom minister A Raja has also been remanded.

OneIndia News