ED examining CBI request for attaching DB Realty properties

The Enforcement Directorate is examining the legal issues on whether to attach the properties of DB Realty as proceeds of crime or that of the former Managing Director of the company Shahid Usman Balwa, who is now in jail, officials privy to the probe said here.

CBI while reasoning out the attachment of property of the real estate group alleged that Rs 200 crore bribe money was moved to DMK-owned Kalaignar TV from DB realty through a circuitous route, a charge denied by the company.

The CBI wrote to the ED as the agency does not have powers to attach the properties as according to the provisions of the PMLA, it is the Enforcement Directorate which can take such an action.

In a statement, DB Realty distanced itself from the 2G spectrum issue and said that the real estate firm had had no direct or indirect shareholding in any telecom business entity.

"Some promoters of the company, in their individual capacity, have invested in Swan Telecom Private Limited (now known as Etisalat DB Telecom Private Limited)," a statement issued by the company said.