merisarkar news service, New Delhi, February 08, 2011
Shahid Balwa arrested
The CBI on Tuesday night arrested Dynamix Balwas, DB group Managing Director Shahid Usman Balwa in connection with the 2G spectrum allocation scam. CBI sources said Balwa was arrested from his Bandra residence in Mumbai and will 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 Balwa comes two days before the 2G case comes up for hearing in the Supreme Court. The sources said, he will be produced before a magistrate today for transit remand to Delhi.
Balwa-promoted DB Reality floated Swan Telecom. Raja allegedly helped Swan bag 2G licences for 13 circles, including Mumbai and Delhi, for 1,537 crore rupees but Swan sold 45 per cent shares to the UAE telecom giant Etisalat for approximately 4,500 crore rupees within months of bagging the spectrum.
Balwa is the fourth person to be arrested in 2G spectrum case after Raja, his former personal secretary R K Chandolia and former Telecom Secretary Siddharth Behura.
