Balwa money trail: Congress leader’s son raided

Last Updated: Saturday, March 26, 2011 - 19:28

Mumbai: Dynamix Realty, a subsidiary of
DB Realty, which has come under the probe agencies` scanner
in the 2G spectrum allocation scam, had deposited Rs 4.5 crore
in the bank account of the son of Congress MLA Kripashankar
Singh, facing a court case for allegedly amassing huge illegal
wealth.

According to bank documents annexed to a PIL filed in
Bombay High Court against the MLA, the statement of Samata
Sahakari Bank account in the names of his son Narendra Mohan
Singh and daughter-in-law Ankita, showed four deposits made by
Dynamix Reality, totalling Rs 4.5 crore during 2008-2009.

The first deposit of Rs 50 lakh was made on August 23,
2008, in the joint bank account of Narendra and Ankita. The
second entry of Rs 2 crore was made on January 1, 2009 in
Narendra`s account, while the third and the fourth deposits of
Rs one crore each (also in account of Narendra) were made on
February 10 and 27, 2009 respectively.

A statement by the depositor, meanwhile, said,
"Dynamix Realty had given a loan to Mr Narendra Mohan Singh
which has been repaid to the company on March 12, 2010".

The Bombay High Court had on March 3 come down heavily
on state Anti-corruption Bureau, Income Tax and Enforcement
Directorate for not sharing information among themselves and
asked the agencies to probe the source of transactions
reflected in the bank accounts of Kripashankar Singh and his
relatives.

The court noted "When the petition contains serious
allegations about inaction on the part of respondents in not
taking any action against Kripashankar and his kins and the
specific details of bank accounts provided by petitioner, we
find it difficult to accept that enquiries cannot be completed
in the matter in spite of passage of nine months".

The court said, "For instance, in para 9, petitioner
has given specific details of bank accounts and mentioned that
there were several deposits amounting to Rs 3.3 crores and
more than Rs 30 crores were also deposited in the concerned
bank accounts. The total turnover in the said account over a
period of two years was about Rs 60 crores. The bank
statements are not disputed by Singh and others".

The PIL, filed by Sanjay Tiwari, a social worker, has
also alleged that Kripashankar, a former state minister and
currently the Mumbai Pradesh Congress Chief was close to
former Jharkhand Chief Minister Madhu Koda, allegedly involved
in a multi-crore hawala scam. It also alleged that a lot of
transactions took place between the two. ED, however, has said
it had not found any links between Koda and Singh.

Meanwhile, reacting to the allegations Singh said his
son had business transactions with (Vinod) Goenka, (chairman
of DB Realty) but denied any wrongdoing.

"He (Singh`s son) recieved the amount in cheque and
paid (back) in cheque. There is nothing objectionable in the
transaction," the Congress leade said to a news agency.

"An amount of Rs three crore was received from Dynamix
Realty through two cheques and was meant for business purpose
as recorded in books of accounts and my IT returns," Singh`s
son Narendra Mohan Singh said.

"As the business transactions did not materialise the
amount was refunded in March last year. The refund reflected
in books of accounts," Narendra said in a statement.

DB Realty`s Managing Director Shahid Balwa is under
the lens of investigative agencies for his alleged role in the
2G spectrum allocation scam and resigned from the board of
directors of the company after his arrest.

PTI



First Published: Saturday, March 26, 2011 - 19:28

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