Swan's Balwa, Raja’s aide in scam, held

Feb 09, 2011 |

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Mumbai, Feb. 8: The CBI late on Tuesday night arrested Dynamix Balwas (DB) group managing director Shahid Usman Balwa in connection with the 2G spectrum allocation scam.

Balwa was arrested from his Bandra residence and would be taken to Delhi for being confronted with former telecom minister A. Raja, whose CBI custody was extended by two more days earlier on Tuesday.

DB Realty, promoted by Balwa, floated Swan Telecom. Raja allegedly helped Swan bag 2G licences for 13 circles, including Mumbai and Delhi, for `1,537 crore but Swan sold 45 per cent shares to the UAE telecom giant Etisalat for `4,500 crore within months of bagging the spectrum.

The sources claimed that CBI has evidence from the income-tax department that Balwa was instrumental in channelling the kickbacks allegedly received by the former telecom minister from the sale of 2G spectrum.

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