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