Sources have reported that Balwa has been sent to judicial custody, where he will remain until Mar 3.
The Swan telecom promoter was taken under custody by the Central Bureau of Investigation (CBI) over the 2G spectrum scam.
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 UAE telecom giant Etisalat for approximately Rs 4,500 crore within months of bagging the spectrum.
As per reports, the CBI has proof of Balwa's involvement in receiving and channeling money for A Raja.
Also, the Enforcement Directorate had trailed Rs 214 crore, allegedly routed by Balwa and DB Realty, to Chennai-based Kalaignar Television, a channel promoted by family members of DMK leader and Tamil Nadu Chief Minister, M Karunanidhi.
The investigating agency in 2G scam, the CBI, has raided the office of Kalaignar TV in Chennai today (Feb 18).