Nationality Indian Ethnicity Gujarati | Religion Islam Organizations founded DB Realty Name Shahid Balwa | |
Occupation Promoter, DB Group Managing Director, DB Group Net worth ₹53 billion (US$790 million) Based on 2009 rankings Similar People Vinod Goenka, Kanimozhi, Sanjay Chandra, Karim Morani, Dayanidhi Maran | ||
2G scam: Shahid Balwa targets Ratan Tata
Shahid Usman Balwa (born 1974) is an entrepreneur based in Mumbai, Maharashtra, India. He is one of the promoters of Mumbai-based DB Group. Arrested in 2011, he is currently out on bail for his alleged role in 2G spectrum scam.
Contents
- 2G scam Shahid Balwa targets Ratan Tata
- 2G scam All accused including Kanimozhi A Raja Shahid Balwa get bail
- Early life and personal life
- Career
- Forbes billionaire
- Arrest and bail
- Charitable work
- References
2G scam: All accused including Kanimozhi, A Raja, Shahid Balwa get bail
Early life and personal life
Balwa comes from the Chilya Sunni Muslim community, and his forefathers were from Gujarat.
Career
Balwa dropped out of college and entered the family's hotel business. 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. He was ranked by Forbes as India's 50th richest man in 2010.
Arrest and bail
Balwa was arrested for his role in the 2G spectrum scam 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. Former Telecom minister A. Raja allegedly helped Swan bag licences for 13 circles, including Mumbai and Delhi, for ₹15.37 billion. DB realty is one among the companies that purchased 2G licenses in 2008. DB Reality floated Swan Telecom. The CBI also arrested two executives on 29 March 2011 including the brother of Balwa, Asif Balwa. A Delhi high-court on 29 November 2011 accepted the bail plea of Shahid Balwa and other under-trials.
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.
