New Delhi: Enforcement Directorate (ED) is probing money laundering cases against Bharti Airtel, Minister of State for Finance S S Palanimanickam informed the Rajya Sabha 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 percent from Monday's close at BSE.
When contacted, a Bharti Airtel spokesperson said the company is in compliance with all norms.
"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 and will be happy to cooperate further, should the need arise," he added.
First Published: Tuesday, May 15, 2012, 13:17