2G Scam Satish Maneshinde cannot help Shahid Balwa as the DB Realty chief is sent to Jail

The Central Bureau of Investigation (CBI) arrested Shahid Balwa, the young billionaire of DB Realty in connection with the 2G-scam probe. Noted Mumbai criminal lawyer Satish Maneshinde is representing the DB Realty chief who opposed the remand saying Balwa’s custody was not required and he was ready to be present before the CBI for any investigation..The Central Bureau of Investigation (CBI) arrested Shahid Balwa, the young billionaire of DB Realty in connection with the 2G-scam probe. The CBI had increased its probe last week after arresting A Raja along with his personal secretary RK Chandolia and former telecom secretary Siddharth Behuria..The CBI is investigating amongst other charges, Shahid Balwa’s Rs 206 crore investment in Kalaignar TV, which is owned by the DMK patriarch Karunanidhi and his family. Balwa is suspected of investing in various front companies on behalf of former Telecom Minister and DMK leader A. Raja. DB Realty and Etisalat had taken over Swan Telecom, one of the companies that benefited during Raja’s tenure in the 2G-spectrum allocation..CBI produced Shahid Balwa before Special judge SC Chandak after which CBI took him on two-day transit remand to Delhi..Noted Mumbai criminal lawyer Satish Maneshinde (pictured) is representing the DB Realty chief who opposed the remand saying Balwa’s custody was not required and he was ready to be present before the CBI for any investigation. Arguing before the Special Judge Maneshinde said, “When he is ready to cooperate, why is the CBI seeking his custody? Balwa had twice received summons from the CBI earlier, but Balwa had to attend to his mother as she was chronically ill and had informed the CBI about the matter”..Satish Maneshinde further argued, “Balwa was among the first applicants for 2G spectrum licenses. If Balwa was part of the conspiracy, he would not have suffered the loss of projected profits. For strategic and financial purposes, his company Swan had sold the licenses, and there was no restriction on the company to divest shares.”.Times of India reports that Balwa’s DB Realty had reportedly invested the money in Kusegaon Realty, which further invested the same in Cineyug Films Pvt Ltd. Sources added that Cineyug invested the money in Kalaignar TV..Earlier this week another application of Shahid Balwa was rejected by Justice Muralidhar of the Delhi High Court for an early hearing to dispose for seeking disposal of his plea against allegations linking him to underworld don Dawood Ibrahim..Senior Advocates Mukul Rohtagi and Rajiv Nayyar had appeared on behalf of DB Realty chairman while ASG AS Chandiok represented the Union..Image Courtesy: IBNLIVE.com