In a Blog filed under Corruption/India I have filed a story stating that Sadiq Pasha was used as conduit for Karunanidhi in funneling kickbacks.
These kickbacks route and modus operandi was finalised in Dubai.
Another factor is Balwa, whose company was a front for an Industrial house.
Swann telecom sank without a trace and DB Realty seems to funneled funds through Realty dynamics, through Kuso to Cineyug and then to Kalaignar.
Anil Ambani was interrogated by CBI.
Radiaa, on behalf of Tata, threatens Raja not to allow Ambani higher bands.( see my blog on this-Courts/ Govt. can not decide policy )
Kalaignar TV states that the loan was advanced to them and that they have returned it.
The question is ,why should a Company from Mumbai advance to a TV Company In Chennai?
The company that advanced the amount, is not into Financing.
Secondly, with out security why was such an amount paid?
If Kalaignar TV wanted funds(which I doubt for Karunanidhi floated the TV in a jiffy without any financial problem), they could have raised it from Financial Institutions.
If banks were not prepared to advance, on what basis such a huge amount was loaned to Kalaignar TV?
Had the scam not brioken out , in a couple of years Kalaignar TV would have settled the account with Cineyug by paying a nominal amount and stating that they have no funds and filed tax returns and legalized the transaction.
And look at the fund flow.
DB>Realty Dynamics>Cineyug> Kalaignar TV.
Each Company seems to have been advanced the X amount to to be transferred to the beneficiary(Kalaignar TV), plus their service charges(?).
Now additional trail from India Today.
| How was the kickback in the 2G spectrum scam actually paid? Documents with HEADLINES TODAY show that the payback was in the form of equity in the companies which bagged the lucrative 2G spectrum licences at a throwaway price.
India’s audit watchdog, the Comptroller and Auditor General (CAG) had indicted Swan Telecom, among others, for having sold significant stakes in their companies at high premium within a short period of time after acquiring the licence.
HEADLINES TODAY is in exclusive possession of documents that show that Swan Telecom had brought in an equity partner in the form of a company, which had a close associate of DMK supremo M. Karunanidhi and tainted former telecom minister A. Raja on board.
The documents show that Swan Telecom had written to DoT in November 2008, bringing on board a company called Genex Exim Ventures. Swan said that it had entered into a share subscription agreement (SSA) with Genex Exim on September 23, 2008.
Interestingly, the man on the board of Genex Exim, Ahmed Salahuddin is the younger son of Ahmed Syed Salahuddin, a close associate of Karunanidhi.
The elder Salahuddin has been close to the DMK for around 40 years.
According to the SSA, UAE telecom company Etisalat agreed to subscribe up to 45 per cent in the increased equity of Swan Telecom and invest around Rs 3,217 crore into the company.
Significantly, a company called Genex Exim Ventures Pvt Limited was also shown as having agreed to invest around Rs 380 crore into the company.
Genex Exim came into existence just six days before entering into the SSA with Swan. Interestingly, Genex Exim later sold its 5.27 per cent holding to Etisalat Mauritius for Rs 380 crore to make a handsome profit for all on a share capital of just Rs 1 lakh.
According to documents with HEADLINES TODAY Genex Impex was flush with cash to the extent of Rs 380 crore soon after its birth. The source of the cash is not known. This cash was later deployed in buying equity in Swan Telecom – equity which was subsequently sold to Etisalat for a profit of Rs 380 crore!
When the first application was filed to form Genex Exim, the Salahuddins did not seem to have anything to do with the company. It was only on December 17, 2008, that Ahmed Salahuddin came on board as managing director (MD).
Interestingly, there was nothing in Genex Exim’s memorandum of association to show that it was going to enter the telecom sector. It was a company which claimed would be engaged in the business of imports and exports of all kinds of merchandise including iron ore. |
http://indiatoday.intoday.in/site/Story/120335/business/karunanidhi-associate-had-stake-in-swan-telecom.html
Related:
Apart from the fact that the money has been laundered, there are security implications as well.
Etisalat, a UAE Company has been, indirectly initially, directly later,allotted sensitive telecommunication sector, by way of licence.
Again as Subramanian Swamy has stated ther is a link between Etisalat,Pakistan’s ISI and Dawood Ibrahim.
Swann telecom sold the licence to Etisalat shortly after being allotted the licence at whooping price.
Swann Telecom is reported to be a front company of a leading Business house in India.
Now Karunanidhi is implicated in all these transactions through intermediaries.
http://ramanisblog.in/2011/02/04/dmk-chief-family-laundered-money-compromised-national-security/
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