Balwa a stake holder in Swan Telecom and he his alleged to have links with Former Telecom Minister A Raja and DMK party. Raja allegedly helped Swan to bag 2G licenses for 13 circles, including Mumbai and Delhi, for Rs 1,537 crore but Swan sold 45 percent shares to the UAE telecom giant Etisalat for approximately Rs 4,500 crore within months of bagging the spectrum.
This is the fourth arrest in the 2G spectrum scam after Raja and his key aides Siddharth Behuria and RK Chandolia were arrested on Feb 2.
CBI spokesperson Binita Thakur said, “We have arrested Shahid Balwa for his role in the 2G scam. He is alleged to be involved in receiving and channeling money for Raja."
Meanwhile, the government is likely to agree for a Joint Parliamentary committee investigation in 2G scam.
Government to appoint JPC in 2G scam?
(With inputs from PTI)