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2G scam: Balwa caused Rs 22,000 cr loss to exchequer, claims CBI

Mumbai: DB Realty’s promoter and Managing Director Shahid Usman Balwa, who was arrested yesterday evening, has caused the exchequer a loss of Rs 22, 000 crore, the CBI told a Mumbai court on Wednesday.

As per the CBI, Balwa, in conspiracy with some private companies, first acquired 2G spectrums at throw away prices and then sold it to a UAE company at a very high price.

The CBI’s revelations came while it sought a transit remand to take Balwa to Delhi for further interrogation.

The court granted a two-day transit remand, following which Balwa is expected to produced in the Patiala House court in the capital later today or tomorrow morning.

As per reports, Balwa and former telecom minister A Raja – whose CBI custody was extended till February 10 –would be pitted against each other and asked some tough questions.

Balwa-promoted DB Reality floated Swan Telecom. 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.

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.

Balwa became the fourth person — and the first who is not a government official — to be arrested in connection with the scam, which, as per the Comptroller and Auditor General has led to a loss of Rs 1.76 lakh crore to the national exchequer.

The others arrested in connection with the case are former telecom minister A Raja, his personal secretary RK Chandolia and former telecom secretary Siddharth Behuria.

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