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DB Realty denies rumors of property attachment

Dynamix Balwas Realty, the mainstay of the Balwa business family, has denied media reports that its property is being attached by the government in connection with the ongoing 2G scam probe.

It pointed out that the DB Realty as a firm was not involved in the alleged scam and it is only one of the promoters — Shahid Balwa — who is being probed.

“NO action/notice has been initiated or issued by the Central, State or Local authorities to DB Realty Limited or its subsidiaries for the attachment of any properties or assets. All ongoing projects of the company are on schedule,” the firm said.

It said it has no “linkage” with the 2G spectrum issue.

The clarification has come to reassure investors and customers of its real estate projects about the company, one of the biggest developers in Mumbai with a total of 25 projects under construction.

It said such rumors are “completely baseless, malicious and seem to be concocted with the ulterior motive of tarnishing the image of DB Realty.”

Shahid Balwa and others have been arrested in connection with the alleged scam and are in judicial custody at the Tihar jail in Delhi.

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