Airtel under probe for money laundering

The directorate of enforcement is investigating India’s largest telecom service provider, Bharti Airtel, for money laundering, minister of state for finance SS Palanimanickam said in Rajya Sabha on Tuesday.

The directorate of enforcement is investigating India’s largest telecom service provider, Bharti Airtel, for money laundering, minister of state for finance SS Palanimanickam said in Rajya Sabha on Tuesday.

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“The 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 Ltd,” he said.

However, he declined to give details of investigations as “It may not be in the interest of the ongoing investigations to provide any further details.”

A Bharti Airtel spokesperson said: “Bharti Airtel maintains the highest standards of corporate governance and regulatory compliance and has always complied will all norms. We have provided all relevant details asked for by the authorities in this matter.” Bharti shares closed 1.3% down at Rs 303.50 on the BSE.