The first supplementary chargesheet filed by the CBI in the 2G spectrum case details the money trail linking Kalaignar TV to Swan Telecom.
In September 2008, DB Group sold 45 per cent stake in Swan Telecom to Etisalat for Rs 4,500 crore. Swan Telecom was one of the new companies which had got 2G licences in 2008 when Mr A. Raja was the Telecom Minister.
Immediately after Swan Telecom sold equity shares to Etisalat in December 2008, two DB Group companies transferred Rs 209 crore to Kusegaon Fruits and Vegetables. This was done in 16 tranches between December 23, 2008 and August 11, 2009.
Kusegaon further transferred Rs 200 crore to Cineyug Films through seven transactions during the same period. Later, Cineyug transferred the money to Kalaignar TV in six tranches between the same period.
Some of these tranches completed the trail on the same day. For example, on December 23, 2008, Dynamix Realty gave Rs 10 crore to Kusegaon, which reached Kalaignar TV on the same day through Cineyug.
The accused persons have claimed that a deal was signed between Kusegaon and Cineyug whereby the latter was to acquire 49 per cent stake in Cineyug Films in lieu of the money taken. The signatories to the deal were said to be Mr Morani, Mr Balwa and Mr Agarwal.
While the accused persons have taken cover behind this agreement, investigation has revealed this plea to be false as no valid agreement to this effect was entered into, the CBI said.
After the investigation began, Cineyug offered various securities to Kusegaon including original documents of three properties and collateral security of 9.51 lakh shares of DB Realty Ltd.
During investigation, Kalaignar TV executives claimed that they got their company valued in June 2009 at Rs 846 crore. Since by this valuation, the proposed stake to be given to Cineyug fell below 20 per cent, the latter purportedly decided to call back their investment in Kalaignar TV.
However, investigation has revealed that even before this valuation was done, Rs 50 crore had already been transferred to Kalaignar TV and another Rs 150 crore was transferred between July and August 2009 after the purported agreement failed.
“The aforesaid transactions related to purported investment by Cineyug in Kalaignar TV without any due diligence or provision of any collateral defies commonsense and normal business practices,” the CBI noted.
The investigation has disclosed that there are a number of circumstances which “conclusively establish” that the Rs 200 crore was “not a genuine business transaction but in the nature of illegal gratification paid in lieu of the 2G licence, valuable spectrum and other undue benefit given by the accused public servants to Swan Telecom.