Shahid Balwa

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Shahid Balwa
Born
Gujarat, India
NationalityIndian
OccupationPromoter, DB Group[1] & Managing Director, DB Group
Websitewww.dbrealty.co.in

Shahid Usman Balwa (born 1974) is an entrepreneur based in Mumbai, Maharashtra, India.[2] He is one of the promoters of Mumbai-based DB Group. Arrested in 2011, he was granted bail for his alleged role in 2G spectrum case. On 21 December 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.[3]

Early and personal life[edit]

Balwa comes from the Chilya Sunni Muslim community, and his forefathers were from Gujarat.[4]

Forbes billionaire[edit]

In 2010, Balwa was the youngest Indian to feature on the Forbes List and is amongst the 10 youngest billionaires in the world.[5][6] He was ranked by Forbes as India's 50th richest man in 2010.[7][8][4]

Arrest, bail and subsequent acquittal[edit]

Balwa was arrested for his role in the 2G spectrum case by the CBI on 9 February 2011 on the allegation that DB group transferred ₹2 billion to a media company owned by members of DMK party.[9] Former Telecom minister A. Raja allegedly helped Swan bag licences for 13 circles, including Mumbai and Delhi, for ₹15.37 billion.[10][11] DB realty is one among the companies that purchased 2G licenses in 2008. DB Reality floated Swan Telecom.[12] The CBI also arrested two executives on 29 March 2011 including the brother of Balwa, Asif Balwa.[13][14] A Delhi high-court on 29 November 2011 accepted the bail plea of Shahid Balwa and other under-trials.[15] On 21 December 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.[16]

Charitable work[edit]

His charitable activities are in the field of health and education. They include the Balwas High School and Charitable Medical Institution in Phirozpura, Gujarat.[17]

References[edit]

  1. ↑ "2G spectrum case : CBI arrests Shahid Balwa". The Hindu. Retrieved 9 February 2011.
  2. ↑ "Shahid Balwa". My Journey To Billionaire Club. 24 August 2010. Retrieved 9 February 2011.
  3. ↑ "Kanimozhi, A Raja, 15 others acquitted in 2G scam - Rediff.com India News". www.rediff.com. Retrieved 1 January 2018.
  4. ↑ 4.0 4.1 Nauzer K Bharucha, TNN, 10 February 2011, 03.36am IST (10 February 2011). "Shahid Balwa: From college dropout to billion-dollar realtor". The Times of India. Archived from the original on 4 November 2012. Retrieved 11 February 2011.{{cite news}}: CS1 maint: multiple names: authors list (link)
  5. ↑ "DB Realty allots Rs 1,000 cr for acquisition of projects | DNA : Daily News & Analysis; Mumbai | Find Articles at BNET". Findarticles.com. 13 August 2010. Retrieved 9 February 2011. [dead link]
  6. ↑ "The ups and downs in the DB Realty story - Rediff.com Business". Rediff.com. 31 December 2010. Retrieved 10 February 2011.
  7. ↑ "Balwa is India's youngest billionaire". The Indian Express. 10 February 2011. Retrieved 15 September 2020.
  8. ↑ "#50 Shahid Balwa". Forbes.com. 18 November 2009. Retrieved 9 February 2011.
  9. ↑ Mehul Srivastava. "India's Powerful Can't Escape Jail". Businessweek.com.
  10. ↑ "2G scam: CBI arrests DB Realty MD Shahid Balwa". DNA India. 9 February 2011. Retrieved 15 September 2020.
  11. ↑ "2G spectrum case : CBI arrests Shahid Balwa". Chennai, India: hindu.com. 9 February 2011. Retrieved 3 November 2011.
  12. ↑ "Shahid Balwa arrested in 2G scam - ndtv.com India". ndtv.com. 9 February 2011. Retrieved 3 November 2011.
  13. ↑ "2G scam: CBI arrests Shahid Balwa's brother Asif Balwa". NDTV.com. Retrieved 15 September 2020.
  14. ↑ "CBI arrests Shahid Balwa's brother in 2G scam". dnaindia.com. 29 March 2011. Retrieved 3 November 2011.
  15. ↑ "2G case: Shahid Balwa granted bail". The Hindu. PTI. 29 November 2011. ISSN 0971-751X. Retrieved 15 September 2020.{{cite news}}: CS1 maint: others (link)
  16. ↑ "IN THE COURT OF O. P. SAINI: SPL. JUDGE, CBI (04) (2G SPECTRUM CASES), NEW DELHI". 21 December 2017.
  17. ↑ "Who is Shahid Balwa?". Mid-Day. 14 February 2011. Retrieved 15 September 2020.
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