Karela Fry

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The root of the rot?

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CNN-IBN reports more on the deep roots of the 2G spectrum scandal:

Former telecom minister A Raja is in CBI custody for two more days and already there are allegations about the role of others in the DMK in the 2G scam. Janata Party Chief Subramanian Swamy had said that he has records of people from Swan Telecom who have met DMK Chief M Karunanidhi. Karunanidhi sent a legal notice to Swamy on Sunday to retract the allegations within 24 hours.

But documents with CNN-IBN show that money was loaned by DB Realty group to DMK’s Kalaignar TV through a maze of transactions.

DB Realty is owned by Shahid Balwa who has a stake in Swan Telecom which is one of the companies named in the 2G scam.

CNN-IBN has accessed the balance sheets of three companies to establish that loans were made to Kalaignar TV. Karunanidhi’s wife MK Dayalu owns 60 percent and daughter Kanimozhi owns another 20 percent in the DMK TV channel.

Rs 214.84 crore is reflected in Kalaignar TV’s balance sheet as an unsecured loan. It comes from Cineyug Media and Entertainment Pvt Ltd and the exact amount is Rs 214.8654 crore. It is given to Kalaignar TV as an unsecured loan in the company’s balance sheet for the year 2009-2010.

More in the original report. Background in the post on the 2G spectrum scandal.

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