CBI arrests Balwa in 2G Spectrum scam case

Written by: Pti
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Mumbai, Feb 8 (PTI) CBI tonight arrested Dynamix Balwas(DB) group Managing Director Shahid Usman Balwa in connectionwith the 2G spectrum allocation scam.

Highly-placed sources in the agency said Balwa wasarrested from his Bandra residence here this evening and wouldbe taken to Delhi for being confronted with former TelecomMinister A Raja whose CBI custody was extended by two moredays today.

The arrest of Balwa comes two days before the 2G casecomes up for hearing in the Supreme Court.

He would be produced before a magistrate tomorrow fortransit remand to Delhi, the sources said.

Balwa-promoted DB Reality floated Swan Telecom. Rajaallegedly helped Swan bag 2G licences for 13 circles,including Mumbai and Delhi, for Rs 1,537 crore but Swan sold45 per cent shares to the UAE telecom giant Etisalat forapproximately Rs 4,500 crore within months of bagging thespectrum.

The sources claimed CBI has evidence from the Income Taxdepartment that Balwa, considered close to Raja, wasinstrumental in channelling the kickbacks allegedly receivedby the former Telecom Minister from the sale of 2G spectrum.

According to the sources, Balwa had allegedly helped theformer Telecom Minister and some of his aides park the moneyin real estate sector.

Balwa is the fourth person to be arrested in 2G spectrumcase after Raja, his former personal secretary R K Chandoliaand former Telecom Secretary Siddharth Behura.

Chandolia and Behura were today sent by a court in Delhito judicial custody on completion of their interrogation byCBI.

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