CBI arrests two suspects involved in money transfer

Updated on Mar 30, 2011 12:59 AM IST

The CBI on Tuesday arrested two suspects, Asif Balwa and Rajiv Bate Aggrawal, for their alleged involvement in the transfer of over Rs 200 crore to Kalaignar TV by Swan Telecom Private Limited, an alleged beneficiary of the 2G spectrum scam.

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Hindustan Times | By, New Delhi

The CBI on Tuesday arrested two suspects, Asif Balwa and Rajiv Bate Aggrawal, for their alleged involvement in the transfer of over Rs 200 crore to Kalaignar TV by Swan Telecom Private Limited, an alleged beneficiary of the 2G spectrum scam.

Asif Balwa is the younger brother Shahid Balwa, promoter of Swan Telecom that became Etisalat DB Telecom Private Limited after offloading 45% of its share in the licence to Etisalat, UAE.

Asif Balwa and Aggrawal are directors with Kusegaon Realty Private Limited, Mumbai (formerly Kusegaon Fruits and Vegetables Retailers). The company is alleged to have acted as a go-between in transfer of R200 crore to Cineyug Films Private Limited, which was later, transferred to the Kalaignar TV.

"We suspect Asif Balwa and Rajiv Aggrawal's role in 2G spectrum scam's moneytrail involving transfer of over R200 crore from the associate companies of Swan Telecom to Kalaignar TV. They were arrested today (Tuesday) .... as part of our search for evidence for the moneytrail in the 2G spectrum case," said a CBI source.

The CBI will produce the two in a city court for remand on Wednesday. Asif Balwa and Aggrawal were summoned from Mumbai for questioning on Tuesday and then arrested as they allegedly did not cooperate with the CBI.

The arrests were done a day after the CBI raided the Mumbai-based premises of three companies. "On Monday, we raided the Mumbai-based premises of Kusegaon Realty Private Limited, Dynamix Balwas Realty, and Cineyug Films Private Limited, that were involved in the money transfer," said the source. "Incriminating documents were seized in the raids," he said.

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