A special CBI court on Tuesday turned down the bail pleas of Shahid Balwa, Asif Balwa and Rajiv B Aggarwal in the 2G spectrum scam case. While Shahid Balwa is the promoter of Swan Telecom, the other two are from Kusegaon Realty.
CBI special judge OP Saini rejected the bail applications of all three, named as co-accused along with former communications minister A Raja, in the case related to irregularities in the allocation of airwaves to telecom companies, causing huge losses to the exchequer.
The CBI's first chargesheet on April 2 had named, besides Raja, former telecom secretary Siddharth Behura, Shahid Balwa, Raja's aide RK Chandolia, Swan Telecom's Vinod Goenka, Unitech's Sanjay Chandra and three executives of the ADAG - Gautam Doshi, Hari Nair and Surendra Pipara.
Asif Balwa and Rajiv Aggarwal were named in the supplementary chargesheet filed on April 25. The Central Bureau of Investigation had also named Cineyug Films' Karim Morani, as well as DMK chief M Karunanidhi's daughter Kanimozhi and Kalaignar TV chief Sharad Kumar as co-conspirators after it traced an illegal money trail of Rs 214 crore in the scam.
The probe agency claims it has unearthed an illegal money trail that moved from Dynamix to Kusegaon and then on to Cineyug, all part of the DB Group, that promoted Swan Telecom, ending with Kalaignar TV, majority owned by Karunanidhi's family.