Balwa has resigned as the MD of DB Realty and a company official revealed, "The DB Realty board has accepted the resignation of Shahid Balwa." He was arrested by the CBI on Feb 8 to investigate his part in the spectrum scam and what role he played in the unfolding of the multi-crore scam that is getting bigger and murkier every passing day.
Balwa is being questioned for his involvement in Swan Telecom, that was promoted by DB Realty. The telecom company unfairly acquired 2G licenses at a cost of Rs. 1,537 crore. They later sold off part 45 percentage of its shares to the UAE-based Etisalat Telecom at a whopping Rs. 4,500 crore.
DB Realty had already accepted the resignation of their Director Chandan Bhattacharya with effect from Feb 18.