2G scam: Asif Balwa sent to 14-day judicial custody

April 1st, 2011 - 10:22 pm ICT by ANI  

New Delhi, Apr 1 (ANI): A Central Bureau of Investigation (CBI) court on Friday remanded Asif Balwa, the brother of DB Reality and Swan Telecom promoter Shahid Balwa, to 14-day judicial custody in connection with the 2G spectrum scam.

On Wednesday, both Asif and his aide Rajiv Agarwal were sent to two-day CBI custody in connection with the money trail.

Asif and Rajiv were apprehended by the CBI in connection with the 2G Spectrum allocation scam on Tuesday.

Asif and Rajiv Agarwal are the directors of Kusegaon Fruits and Vegetables Pvt Ltd, which reportedly loaned Cineyug a sum of Rs 212 crore. But it was not a straightforward loan and had passed through a maze of transactions.

Shahid Balwa was arrested in February 8, for his alleged involvement in the 2G spectrum scam. He is currently lodged in the Tihar jail.

Swan Telecom is believed to be one of the beneficiaries in the spectrum allotted during former Telecom Minister A Raja’s tenure, who was arrested prior to Balwa and is locked in the same jail.

The others arrested in connection with the case are Raja’s personal secretary RK Chandolia and former Telecom Secretary Siddharth Behuria.

Raja was forced to resign from the Union Cabinet last year after the Comptroller and Auditor General of India (CAG) faulted him for undervaluing spectrum to favour companies who were largely ineligible for 2G spectrum, and added that the government had probably lost Rs.1.76 lakh crore in estimated revenue. (ANI)

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