CBI arrests vice chairman of Etisalat India JV

NEW DELHI, INDIA: Central Bureau of Investigation said on Wednesday it had arrested Shahid Balwa, who is managing director of DB Realty and vice chairman of Etisalat DB, the Indian telecoms joint venture between Abu Dhabi's Etisalat and DB Group.

CBI spokeswoman Vinita Thakur told Reuters the arrest was in connection with the investigation into alleged corruption related to 2G spectrum allocation. Shares in DB Realty were down about 20 percent in early trade after reports of the arrest.