09 February,2011 07:41 AM IST | | MID DAY Correspondent
The CBI has arrested the promoter of Swan Telecom, Shahid Usman Balwa, in connection with the 2G spectrum allocation scam late on Tuesday night. He will be produced in court on Wednesday and will seek remand in Mumbai. Swan Telecom, now known as Etisalat DB, has been facing CBI and ED probes. Balwa was earlier summoned twice by the CBI but did not respond to the summons.
After getting telecom licence and spectrum at Rs 1,530 crore, Swan had sold its 45 per cent of shareholding to Etisalat at a whopping Rs 4,500 crore. The allotment of Rs 380 crore worth shares to Tamil Nadu Chief Minister M Karunanidhi's close associate Sayed Salahuddin's company had triggered controversies.
