ED probing money laundering cases against Airtel: Finance Ministry

Business

oi-Sneha

By Sneha B K

Published: Tuesday, May 15, 2012, 17:09 [IST]

Enforcement Directorate (ED) is probing money laundering cases against Bharti Airtel, Minister of State for Finance S. S. Palanimanickam informed the Rajya Sabha on Tuesday.

“Directorate of Enforcement is investigating cases under the provisions of Prevention of Money Laundering Act, 2002, and Foreign Exchange Management Act, 1999, involving M/s Bharti Airtel Ltd,” he said in a written reply.

The minister, however, did not provide additional information, saying, “It may not be in the interest of the ongoing investigations to provide any further details.”

Bharti Airtel is the country’s largest private telecom company, which offers mobile phone services under ‘Airtel’ It has operations in several other countries, including Africa.

Bharti Airtel shares were trading at Rs 305.7, down 0.57 per cent from yesterday’s close at BSE..

PTI