2G spectrum case: CBI arrests Shahid Balwa

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Old 09-Feb-2011
2G spectrum case: CBI arrests Shahid Balwa

Mumbai February 9:

Central Bureau of Investigation arrested Dynamix Balwas (DB) group Managing Director Shahid Usman Balwa in connection with the 2G spectrum allocation scam.

Highly-placed sources in the agency said Mr. Balwa was arrested from his Bandra residence in Mumbai on Tuesday and would be taken to Delhi for being confronted with former Telecom Minister A. Raja whose CBI custody was extended by two more days. The arrest of Mr. Balwa comes two days before the 2G case comes up for hearing in the Supreme Court.

He would be produced before a magistrate on Wednesday for transit remand to Delhi, the sources said. Balwa-promoted DB Reality floated Swan Telecom. Mr. Raja allegedly helped Swan bag 2G licences for 13 circles, including Mumbai and Delhi, for Rs. 1,537 crore 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.

Mr. Balwa is the fourth person to be arrested in 2G spectrum case after Mr. Raja, his former personal secretary R.K. Chandolia and former Telecom Secretary Siddharth Behura. Mr. Chandolia and Mr. Behura were on Tuesday sent by a court in Delhi to judicial custody on completion of their interrogation by the CBI.

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