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Wednesday, February 9, 2011

DB Group MD, Shahid Balwa Arrested, Taken To Delhi, CBI, 2G Scam, 2G Spectrum Scam - YReach.com

Shahid Balwa is the 4th person to be arrested by the CBI in connection with the 2G scam. Shahid Balwa is the promoter of Swan Telecom was arrested at his Mumbai home and was later taken to New Delhi. The arrest of Balwa comes two days before the 2G case comes up for hearing in the Supreme Court.

Amplify’d from www.yreach.com
2G scam - DB Group MD Shahid Balwa arrested
Shahid Balwa is the 4th person to be arrested by the CBI in connection with the 2G scam. Shahid Balwa is the promoter of Swan Telecom was arrested at his Mumbai home and was later taken to New Delhi. The arrest of Balwa comes two days before the 2G case comes up for hearing in the Supreme Court.
2G scam - DB Group MD Shahid Balwa arrested
The CBI said that Swan Telecom got favours which led to a loss of over 22,000 crore to the national exchequer. The company sold 45 per cent of shares for Rs 4,500 crore to UAE-based Etisalat. Swan Telecom was later renamed Etisalat DB. The CBI alleged that Balwa allegedly conspired with private companies to sell 2G spectrum licenses acquired at a cheap rate by Swan Telecom which was a part of DB Realty.
Read more at www.yreach.com
 

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