‘Had business transactions with Dynamix, no connection with 2G’

Narendra Mohan Singh, son of city Congress president Kripashankar Singh, has admitted that he had financial transactions with Dynamix Realty, which were “purely business transactions”, but denied that he had anything to do with the 2G spectrum scam.

Narendra Mohan Singh, son of city Congress president Kripashankar Singh, has admitted that he had financial transactions with Dynamix Realty, which were “purely business transactions”, but denied that he had anything to do with the 2G spectrum scam.

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He made this statement on Saturday following reports that he had received Rs 4 crore from Dynamix Realty. One of the partners of Dynamix, Shahid Balwa, is in CBI custody in connection with 2G spectrum scam.

“Rs 3 crore was received from Dynamix Realty by two cheques and the same was meant for business purposes as recorded in the books of accounts and I-T returns,” said a statement issued by Singh.

But the business transactions did not materialise and the amount was refunded in March 2010, he added.

Singh said an amount of Rs 2.50 crore was received from Dynamix Realty as a temporary loan which also reflected in his books of accounts and income tax returns.

The entire amount of temporary loan was refunded by him to Dynamix Realty in March 2010, the statement added.

Singh warned that attempts to exploit business transactions to “make malicious allegations and connecting the same with the 2G spectrum scam” would invite legal action.

Meanwhile, Kripashankar Singh’s spokesperson, Kishor Joshi, denied reports that there were income tax raids on the city Congress chief’s residence. Joshi said they were just rumours.