Tycoon in India telecoms scandal quits

Shahid Balwa, a central figure in a telecoms scandal that has shaken India’s government, has resigned as the head of his flagship real estate company, DB Realty. Balwa is vice-chairman of Gulf group Etisalat’s joint venture in the country and at 36 was the youngest billionaire on last year’s Forbes India rich list. He was detained by investigators in February, becoming the first executive arrested in connection with a probe into allegedly improper allocation of telecoms licences to several companies in 2008. The probe has widened, with some of India’s wealthiest tycoons questioned by anti-corruption officials. At the time of his arrest last month, DB Realty said that “neither Mr Balwa nor any person/entity forming part of the DB Group has done anything inappropriate or illegal”. It added that Balwa “will be strongly contesting the proceedings”.