From 2G Spectrum Scam to 3K Land Grab

Ghar Bachao Ghar Banao Andolan

From 2G Spectrum Scam to 3K Land Grab.

The 2G Spectrum Scam that involved the top corporate and bureaucrats & politicians is known to everyone by now. The linkages between the real estate companies and the telephone operations have been exposed with the arrest of Shahid Balwa of DB Reality which is majorily involved in real estate development & Slum TDR in Mumbai. The 3K rule of Government of Maharashtra by which, in the last 2 years 500 acres of slum land has been transferred to 6 builders in Mumbai has also been talked about.

It has now been revealed with the investigation and questioning of Ramesh Chandra, CEO Unitech that it has a fifty percent stake inShivalik Ventures for the Golibar project. The sources of this funding were revealed incidentally during the CBI investigation of the 2GSpectrum scam.(.Find attachment-IT dept. letter) Lehmann Brothers transferred Rs. 740 crore to Unitech for its joint venture with Shivalik. The transaction process is under investigation by the CBI &
Central Bureau of Direct Taxes.
Later, part of the money was arranged as a “loan” to Unitech by Nira Radia, the notorious corporate PR agent, from Tata Realty. Return of the “advance money/ loan” to Tata Realty from Unitech-Shivalik is a fraud to the tune of Rs. 650 crore rupees. The total assets of Shivalik are worth a few thousand crore rupees today, while until a couple of years ago they were worth Rs 53 lakhs.
The company has changed its name several times. How Shivalik Ventures managed to access so much money, and by what means, needs to be further investigated by the State and Union Government. The CBI has said in its original 2G scam FIR, "Unitech was allotted UAS licences for 22 circles for Rs 1,658 crore. It offloaded 60% of its shares in the licence to Telenor of Norway for Rs 6,100 crore even before rollout."

The investigation against Unitech is focused on the company’s collision with DoT officials and former telecom minister A Raja, cheating and forgery. Besides, the investigators are also looking at a loan of Rs 1,700 crore from Tata Realty to Unitech. They suspect that a total of Rs 1,694.85 crore shown as "related party transactions" by the eight Unitech subsidiaries is money originally given by Tata Realty to Unitech.

These money laundering exercises are leading to threat to the slum residents as the wrongly earned money is pumped into real estate leading to eviction drives and rendering the working class people homeless but which is being questioned and challenged by the urban poor in Mumbai.

Simpreet Singh, Prerna Gaikwad, Ajit, Sumit Wajale
9969363065

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