Bharti Airtel under ED scanner for money laundering

IANS – Tue 15 May, 2012 7:32 PM IST

New Delhi, May 15 (IANS) The Enforcement Directorate is probing telecom service provider Bharti Airtel for money laundering, Parliament was informed Tuesday.

"Directorate of Enforcement is investigating cases under the provisions of Prevention of Money Laundering Act, 2002 and Foreign Exchange Management Act, 1999 involving Bharti Airtel," S.S. Palanimanickam, Minister of State in the Ministry of Finance, said in a written reply in the Rajya Sabha.

The minister did not provide any further details saying it was not in the interest of the ongoing investigations.

When contacted by IANS for its response, a Bharti Airtel spokesperson said: "We have provided all relevant details asked for by the authorities in this matter and will be happy to cooperate further, should the need arise."

The firm has operations across 20 countries in Asia and Africa.

At the Bombay Stock Exchange, shares of the company closed 1.28 percent lower at Rs.303.50.

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