The money trail in the 2G telecom spectrum scam has led the Income Tax Department to 19 “non-genuine” companies in Kolkata allegedly used by Kalaignar TV to return Rs. 230 crore, taken as “loan”, to Cineyug, after a probe was initiated into it.
During its probe into the spectrum allocation scam, the I-T department zeroed in on 19 companies based in Kolkata that were allegedly used to pay Rs. 52.20 crore to Kalaignar TV, in which DMK MP Kanimozhi had a 20 per cent stake, a recent report of the department said.
The money from these companies was transferred to Saphire Media and Infrastructure Limited, which gave a Rs. 83 crore loan to Anjugam Films Private Limited, which again forwarded Rs. 69.61 crore as a loan to Kalaignar TV to pay Rs. 230.31 crore to Karim Morani-owned Cineyug Media and Entertainment as repayment of its Rs. 200 crore “loan”.
Kalaignar TV had received Rs. 200 crore from Cineyug Media between December 2008 and August 2009, which the Central Bureau of Investigation alleges was illegal gratification from DB Group promoter Shahid Balwa, whose company Swan Telecom was a beneficiary of 2G spectrum allocation during the tenure of former Telecom Minister A. Raja.
The CBI has alleged that money from Mr. Balwa was routed through Cineyug and soon after the probe started, Kalaignar TV started returning money to give the impression that the money received was a genuine business transaction — a loan which was returned with interest.
Kalaignar TV has taken a loan and advances for making these “repayments” and investigations have revealed that these were coming from “non-genuine” companies from Kolkata.