A Delhi court on Tuesday dismissed the bail pleas of Swan Telecom promoter Shahid Usman Balwa, his cousin Asif Balwa and their associate Rajeev Agarwal in the 2G spectrum allocation case.
"All three bail pleas are dismissed," Special Central Bureau of Investigation Judge O P Saini said. Asif and Rajeev are the directors of DB Realty group firm, Kusegaon Fruits and Vegetables Pvt Ltd, which was allegedly used in a "circuitous manner" for the transfer of Rs 200 crore as a kickback to Dravida Munnetra Kazhagam-run Kalaignar TV Pvt Ltd.
They are accused of playing key roles in the transfer of Rs 200 crore bribe to Kalaignar TV through various firms promoted by Shahid Balwa. Shahid was arrested on February 8, while Asif and Rajeev were arrested by the CBI on March 29.
Rajeev is also the director of Conwood Constructions and Developers Pvt Ltd (a partner of Dynamix Realty). Shahid allegedly is a direct beneficiary of the 2G spectrum allocation scam.
While opposing the bail pleas of the trio, Special Public Prosecutor U U Lalit said that Dynamix Realty acquired 49 per cent shares in Cineyug Films Pvt Ltd (held by co-accused Karim Morani) only subsequent to the transfer of the bribe money and they all were umbrella companies of DB Realty.