Shahid Balwa

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]

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

Early and personal life

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

Career

Balwa dropped out of college and entered the family's hotel business.[5] His father, Usman, started Balwa's restaurant at Marines Lines and Balwa's Hotel at Mumbai Central. He partnered with billionaire real estate developer Vinod Goenka to form DB Realty in 2006. In a few years, the construction company claimed to have 21,000,000 square feet (2,000,000 m2) of saleable area in ongoing projects and another 40,000,000 square feet (3,700,000 m2) in upcoming projects.

Forbes billionaire

In 2010, Balwa was the youngest Indian to feature on the Forbes List and is amongst the 10 youngest billionaires in the world.[6][7] He was ranked by Forbes as India's 50th richest man in 2010.[8][9][4]

Arrest, bail and subsequent acquittal

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.[10] Former Telecom minister A. Raja allegedly helped Swan bag licences for 13 circles, including Mumbai and Delhi, for ₹15.37 billion.[11][12] DB realty is one among the companies that purchased 2G licenses in 2008. DB Reality floated Swan Telecom.[13] The CBI also arrested two executives on 29 March 2011 including the brother of Balwa, Asif Balwa.[14][15] A Delhi high-court on 29 November 2011 accepted the bail plea of Shahid Balwa and other under-trials.[16] On 21 December 2017, a Supreme Court appointed Special CBI Court acquitted him of all charges relating to his role in this case.[17]

Charitable work

His charitable activities are in the field of health and education. They include the Balwas High School and Charitable Medical Institution in Phirozpura, Gujarat.[18]

References
  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. 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". The Times of India. Retrieved 11 February 2011.CS1 maint: multiple names: authors list (link)
  5. "Tehelka - India's Independent Weekly News Magazine".
  6. "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.
  7. "The ups and downs in the DB Realty story - Rediff.com Business". Rediff.com. 31 December 2010. Retrieved 10 February 2011.
  8. "Balwa is India's youngest billionaire". The Indian Express. 10 February 2011. Retrieved 15 September 2020.
  9. "#50 Shahid Balwa". Forbes.com. 18 November 2009. Retrieved 9 February 2011.
  10. Mehul Srivastava. "India's Powerful Can't Escape Jail". Businessweek.com.
  11. "2G scam: CBI arrests DB Realty MD Shahid Balwa". DNA India. 9 February 2011. Retrieved 15 September 2020.
  12. "2G spectrum case : CBI arrests Shahid Balwa". Chennai, India: hindu.com. 9 February 2011. Retrieved 3 November 2011.
  13. "Shahid Balwa arrested in 2G scam - ndtv.com India". ndtv.com. 9 February 2011. Retrieved 3 November 2011.
  14. "2G scam: CBI arrests Shahid Balwa's brother Asif Balwa". NDTV.com. Retrieved 15 September 2020.
  15. "CBI arrests Shahid Balwa's brother in 2G scam". dnaindia.com. 29 March 2011. Retrieved 3 November 2011.
  16. "2G case: Shahid Balwa granted bail". The Hindu. PTI. 29 November 2011. ISSN 0971-751X. Retrieved 15 September 2020.CS1 maint: others (link)
  17. "IN THE COURT OF O. P. SAINI: SPL. JUDGE, CBI (04) (2G SPECTRUM CASES), NEW DELHI". 21 December 2017.
  18. "Who is Shahid Balwa?". Mid-Day. 14 February 2011. Retrieved 15 September 2020.
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