The Central Bureau of investigation (CBI) has arrested Shahid Usman Balwa, managing director of DB Realty and vice chairman of Etisalat DB Telecom in connection with the 2G spectrum issue.
The CBI believes that Balwa was involved in receiving and channeling money for A. Raja, former Minister of Telecommunications and IT.
The Enforcement Directorate had trailed Rs 2.14 billion allegedly routed by Balwa to Chennai-based Kalaignar television, a channel promoted by the family of DMK leader and Tamil Nadu Chief Minister M. Karunanidhi.
Balwa?s DB Realty had acquired Swan Telecom which bagged 2G licences for 13 circles. Within a few months, the company sold 45 per cent of shares for Rs 45 billion to UAE-based Etisalat. Swan Telecom was later renamed Etisalat DB.
