CYTT News
[15/02/2011] Shahid Balwa’s arrest
Balwa’s arrest from his Bandra residence has raised great many questions and is connected to the 2G scam, in which DB Realty Ltd has been implicated. The spokesman of the DB Group have issued a statement a day after the arrest and said that neither Shahid Balwa nor any other company representative have been involved in anything illegal. The Central Bureau of Investigation (CBI) has arrested the former Telecom Minister A Raja too and accused him of selling second-generation (2G) spectrum to various companies in 2008 at unreasonably low prices. So far, four arrests have been made in connection with the case and the CBI claims that the manipulated bandwidth allocations have cost the country $4.8 billion in lost revenue.
When issuing his statement, soon after the arrest, the representative of the DB Realty has also said that despite the allegations and the arrest, the business of the group will not be disrupted, and will “continue as usual.” DB Realty Ltd is very well capitalized, has developed more than 14 million square feet of real estate and, and its ongoing projects are estimated at more than 60 million square feet and include commercial, residential, and retail projects throughout the country.
Other articles from this category:
[15/02/2011] Framingham towing company falls victim of insurance scam
[15/03/2011] Scam letter hit Worcestershire
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