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The CBI has slapped another case on 2G Scam accused and DB Realty promoters Shahid Balwa and Vinod Goenka. The fresh case against the Mumabi-based real estate company relates to irregularities in procurement of loans from LIC and other public sector banks.
In the Preliminary Enquiry registered against the politically connected DB Realty, the CBI said that the firm had availed300 crore without fulfilling the eligibility criteria. The case is part of the major scam totaling12,000 crore in which several other firms are also accused.
In the 2G scam, the DB Reality linked companies and their promoters were chargesheeted by CBI for transferring210 crore to DMK-run TV Channel Kalaignar TV. Apart from Balwa and Goenka, other DB Reality linked firm directors Asif Balwa and Rajeev Agarwal are now languishing in Tihar jail on this dubious money transfer to Kalaignar TV.
During investigations into the loan scam in which several senior officials of public sector financial institutions were arrested, the economic offences wing of CBI was also looking into the involvement of private companies which were beneficiaries.
While the CBI’s Mumbai unit did not reveal the involvement of the companies in the chargesheets filed in the five cases, an inquiry has been initiated against DB Realty for allegedly availing loan of300 crore without fulfilling the eligibility rules, official sources said.
The PE was registered after CBI stumbled upon the balance sheet of DB Realty which allegedly did not match with the real figures. According to senior CBI officials, numbers had been inflated through forged documents.
“DB Realty would also like to state here that, of the188 crore availed from LIC, currently, only an amount of27 crore is outstanding. Again, a reflection on the low debt ratio of the company. Necessary security has also been created to secure the loan. All documents relating to the net worth of DB Realty and its group/associate companies are in the public domain viz. The DRHP and the Annual Reports and the same can be verified independently,” said DB Realty in a statement.
The CBI had recently filed charge sheets against all the accused, LIC Housing Finance CEO Ramachandra Nair, the then general manager of Bank of India RN Tayal, the then deputy general manager of Punjab National Bank Venkoba Gujjal and Rajesh Sharma, chairman and managing director of private financial services firm Money Matters.
The chargesheet has also named two employees of Money Matters — Sanjay Sharma and Suresh Gattani — as accused.
The CBI officials said that during investigation it was found that DB Realty did not pass the basic eligibility test for corporate loans but LIC Housing Finance had sanctioned them loan of around300 crore.
In the Preliminary Enquiry registered against the politically connected DB Realty, the CBI said that the firm had availed300 crore without fulfilling the eligibility criteria. The case is part of the major scam totaling12,000 crore in which several other firms are also accused.
In the 2G scam, the DB Reality linked companies and their promoters were chargesheeted by CBI for transferring210 crore to DMK-run TV Channel Kalaignar TV. Apart from Balwa and Goenka, other DB Reality linked firm directors Asif Balwa and Rajeev Agarwal are now languishing in Tihar jail on this dubious money transfer to Kalaignar TV.
During investigations into the loan scam in which several senior officials of public sector financial institutions were arrested, the economic offences wing of CBI was also looking into the involvement of private companies which were beneficiaries.
While the CBI’s Mumbai unit did not reveal the involvement of the companies in the chargesheets filed in the five cases, an inquiry has been initiated against DB Realty for allegedly availing loan of300 crore without fulfilling the eligibility rules, official sources said.
The PE was registered after CBI stumbled upon the balance sheet of DB Realty which allegedly did not match with the real figures. According to senior CBI officials, numbers had been inflated through forged documents.
“DB Realty would also like to state here that, of the188 crore availed from LIC, currently, only an amount of27 crore is outstanding. Again, a reflection on the low debt ratio of the company. Necessary security has also been created to secure the loan. All documents relating to the net worth of DB Realty and its group/associate companies are in the public domain viz. The DRHP and the Annual Reports and the same can be verified independently,” said DB Realty in a statement.
The CBI had recently filed charge sheets against all the accused, LIC Housing Finance CEO Ramachandra Nair, the then general manager of Bank of India RN Tayal, the then deputy general manager of Punjab National Bank Venkoba Gujjal and Rajesh Sharma, chairman and managing director of private financial services firm Money Matters.
The chargesheet has also named two employees of Money Matters — Sanjay Sharma and Suresh Gattani — as accused.
The CBI officials said that during investigation it was found that DB Realty did not pass the basic eligibility test for corporate loans but LIC Housing Finance had sanctioned them loan of around300 crore.
