Sources said DB group’s directors Nabeel and Adil Patel were linked to Mumbai-based former underworld don Yusuf Patel, whose Balwa is allegedly a close relative.
CBI is tightening the noose around Dynamix Balwas (DB) group MD Shahid Usman Balwa as part of its probe into the 2G spectrum scam.
Sources said DB group’s directors Nabeel and Adil Patel were linked to Mumbai-based former underworld don Yusuf Patel, whose Balwa is allegedly a close relative.
They said the agency had clinching evidence that Balwa, a known close aide of A Raja, channelled the kickbacks allegedly received by the former telecom minister in the sale of 2G spectrum and was likely to be arrested soon.
“We have information that Balwa has parked huge money of Raja in the real estate sector. He has been under the scanner for long and might be arrested soon,” an officer said, adding that CBI was also scrutinising financial details of the DB group.
Probe agencies are examining an alleged transfer of over Rs200 crore by the group to Kalaignar TV, in which family members of DMK chief and Tamil Nadu (TN) CM M Karunanidhi have a majority stake.
They are also scrutinising ownership of Genex Exim Ventures, which has a strong connection with TN politicians. The company had suddenly acquired a 5.27% stake for Rs380 crore in Swan Telecom (formerly Etisalat DB), which is under scrutiny for alleged links with Dubai-headquartered firm ETA Star which is implementing many projects in TN and is said to be close to Karunanidhi.
Raja allegedly helped Swan bag 2G licences for 13 circles, including Mumbai and Delhi, for a mere Rs1,537 crore, but sold 45% shares to UAE telecom giant Etisalat for approximately Rs4,500 crore within months.
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