2G scam: CBI arrests DB Realty MD Shahid Balwa
By ANIWednesday, February 9, 2011
NEW DELHI - Dynamix Balwas (DB) group Managing Director Shahid Usman Balwa will be produced in a Mumbai court in connection with the 2G scam on Wednesday.
The Central Bureau of Investigation (CBI), which arrested Balwa yesterday night, will seek for transit remand of him to Delhi.
Balwa-promoted DB Reality floated Swan Telecom. Raja allegedly helped Swan bag 2G licences for 13 circles, including Mumbai and Delhi, for Rs 1,537 crores but Swan sold 45 per cent shares to the UAE telecom giant Etisalat for approximately Rs 4,500 crore within months of bagging the spectrum.
As per reports, the CBI has proof of Balwa’s involvement in receiving and channeling money for A Raja.
Also, the Enforcement Directorate had trailed Rs 214 crore allegedly routed by Balwa and DB Realty to Chennai-based Kalaignar television, a channel promoted by family members of DMK leader and Tamil Nadu Chief Minister M Karunanidhi.
Balwa is the fourth high profile person arrested in connection with the scam.
The others arrested in connection with the case are former Telecom Minister A Raja, his personal secretary RK Chandolia and former telecom secretary Siddharth Behuria.
Raja was forced to resign from the Union Cabinet last year after the Comptroller and Auditor General of India (CAG) faulted him for undervaluing spectrum to favour companies who were largely ineligible for 2G spectrum, and added that the government had probably lost Rs.1.76 lakh crore in estimated revenue. (ANI)
