Bharti Airtel in money laundering probe

Wednesday, 16 May 2012 00:05 -     - {{hitsCtrl.values.hits}}

Reuters: Authorities are investigating top mobile phone carrier Bharti Airtel under provisions of the money laundering and foreign exchange rules, a minister said, sending its shares down as much as 5.1 per cent.

The Directorate of Enforcement is investigating cases against Bharti, Minister of State for Finance S.S. Palanimanickam told parliament on Tuesday, but declined to give further details.

“It may not be in the interest of the ongoing investigations to provide any further details,” he said in a written reply to questions from a lawmaker.

Bharti, controlled by billionaire Sunil Mittal, said it was cooperating with investigators.

“We have already provided all relevant details asked for by the relevant authorities in this matter and will be happy to cooperate further, should the need arise,” it said in a statement.

Bharti, nearly a third owned by Southeast Asia’s top phone company, SingTel, operates in 20 countries across Asia and Africa and is the world’s fifth-biggest mobile phone carrier by subscribers. India is its biggest market.

India’s once-booming telecoms sector has been battered by a massive scandal over the below-market-price grant of lucrative telecoms licences in 2008, mostly involving smaller carriers.

But market leaders Bharti and Vodafone’s local unit are also being probed by police over “possible irregularities” in grant of airwaves to them in 2001 and 2002. Police conducted searches at Bharti and Vodafone offices in November in the case.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.