Mumbai: DB Realty Managing Director Shahid Usman Balwa has been charged with criminal misconduct and criminal conspiracy in the 2G spectrum scam case. The Central Bureau of Investigation filed an FIR on Wednesday charging Balwa under Indian Penal Code Section 120-B in the case.
DB Realty and Etisalat had taken over Swan Telecom, one of the companies that got the 2G licence by allegedly presenting pre-dated drafts when former telecom minister A Raja suddenly changed the criteria of granting license. Licenses were issued to Swan for 13 circles at nominal rates for which the company paid Rs 1537 crore. Swan sold 45 per cent stake before roll-out to Etisalat for Rs 4200 crore.
Some officials of Department of Telecom leaked information to certain private parties and granted licenses to select companies at nominal rates.
Balwa was arrested on Tuesday night and sent to two days of transit remand by a special CBI court in Mumbai.
Sources say Balwa is suspected of investing in various front companies on behalf of Raja and some of his aides.
Balwa had been summoned twice by the CBI but was arrested after he allegedly refused to make himself available for questioning.
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 the UAE telecom giant Etisalat for approximately Rs 4,500 crore within months of bagging the spectrum.
Balwa is the fourth person to be arrested in 2G spectrum case after Raja, his former personal secretary RK Chandolia and former Telecom Secretary Siddharth Behuria.
Comments
0 comment