The Central Bureau of Investigation( CBI) has shamelessly stated that it is unable to track bribe money in the 2G scam case. But the truth is that the investigative agency is not looking at critical evidence and following the vital leads.
Three Chennai based persons have admitted before the CBI that they handled cash in 23 boxes on May 11, 2009 in Chennai. A car in which one box was carried, was stolen on the way when the driver had gone to the toilet. One person has disclosed that this box had Rs four crore in it. So, on a particular day, Rs 92 crore (23 boxes x Rs four crore) in cash was transported in four different trips in the same vehicle. In the fourth trip, the vehicle was stolen along with one box in it. The vehicle was hired by Green House Promoters Pvt Ltd, a front company of former telecom minister A Raja. (See in Box one, the evidence collected by the CBI).
How many more such boxes were there in Chennai on that day? There could have been many more boxes transported on that day had the vehicle not been stolen. Which other vehicles were then used to transport the cash? From where did this huge cash come? There are some new names figuring in this episode. Why the people involved have not been arrested so far? What was the purpose of this cash? The CBI must try to find out answers to these questions.
Nearly two years have passed since the CBI filed an FIR and started investigation in the 2G scam. So far it could track only Rs 200 crore that was paid by DB Realty to Kalaignar TV, which the latter returned back with interest to DB Realty, claiming the money was a loan. This money was for the benefit of the family of M Karunanidhi, former Chief Minister of Tamil Nadu and DMK Chief, who owned Kalaignar TV. What did Raja gain out of this scam?
Nothing in the two charge-sheets filed so far by the CBI before the trial court mention about any payment to Raja. This looks strange. Recently, the CBI has specifically told the 2G trial court that they have not found any trail of money between Unitech Group and Raja. This too is strange. In a scam of Rs 1.76 lakh crore, the CBI so far could track only Rs 200 crore. This Rs 200 crore came from one company – DB Realty. There were many other companies that benefitted from this scam. Is it believable that they did not provide any financial gratification to Raja?
Raja’s front companies
The CBI has conducted raids on many front companies of Raja, but it has so far not come out with any charge-sheet on financial irregularities. Two such companies are Green House Promoter Pvt Ltd and Shivakamam Tradings Pvt Ltd. On an analysis of the balance sheets of these companies, I found unexplainable entries.
Green House is owned by six individuals and a company called Pace Stocks & Shares Pvt Ltd (27.78 pc). This company was run by Shri Raja’s close associate Sadhick Batcha. After his death, there are only two directors in the company, one is Shri Raja’s brother, another one is his sister’s son. The company had a paid up capital of Rs five lakh in 2005, which was raised to Rs 1.3 crore in 2006 and Rs 1.8 crore in 2007. But as in 2009, it had inventories worth Rs 35.88 crore.
In 2009 and 2010, there is sudden spurt in investments of about Rs seven crore in Pace Stocks from individuals and one company named G-Tech Info Training Ltd. Pace Stocks also had certain interesting figures. Its paid up capital was Rs five lakh till March 2009, but had money for unallocated shares application to the order of Rs 15.77 crore, and surplus reserves of Rs 1.15 crore.
On the other hand, G-Tech is a BSE listed company. It has no promoter, and is a 100 per cent public listed company. If you download a list of persons/entities having more than one per cent share, it gives a list of only eight people having a total 12.27 per cent equity amongst themselves with individual shares ranging from 1.21 to 1.89 per cent. If you look at its turnover, Dec 2010 quarter indicate a turnover of Rs 5.1 lakh. Imagine, this company investing Rs 6.64 crore in 2010 in Pace Stocks paying premium of Rs 1,000 per share. Such figures defy business logic.
Nobody in the CBI has really questioned the source of money for such entries in the balance sheets of all these companies. Once they start tracking the money, they will come to know the original source of such investments.
Dr Rashmi Singh
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