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CBI Arrests Balwa In 2G Spectrum Scam Case

Mumbai:  Shahid Balwa, the promoter of DB Realty, which floated Swan Telecom has been arrested by Mumbai CBI in connection with 2G scam.Balwa was arrested from his house in Mumbai.According to sources, he is likely
PTI February 09, 2011 8:24 IST
PTI
Mumbai:  Shahid Balwa, the promoter of DB Realty, which floated Swan Telecom has been arrested by Mumbai CBI in connection with 2G scam.

Balwa was arrested from his house in Mumbai.

According to sources, he is likely to be brought to Delhi in connection with the probe and will be confronted with A Raja, the former Telecom Minister.

DB Realty figures among the companies that bagged 2G licences in 2008, said sources.

The DB group's telecom arm had sold 45% to UAE-based Etisalat for $900 million in 2009. The company, earlier known as Swan Telecom, is now known as Etisalat-DB, said  sources.

According to sources, the allegations are that over Rs. 200 crore was transferred by DB group to a media company owned by DMK party members.

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.

The Central Bureau of Investigation (CBI) on Tuesday got a two-day extension of former Telecom Minister A Raja's custody.

Sources say the CBI told the court that it needs to question Raja more to establish his link to the money trail in the 2G scam.