The Enforcement Directorate (ED) has reportedly raided Sequoia Capital’s offices in Bengaluru. Soon after, Sequoia put out a series of tweets stating it was part of a larger probe into Vasan Healthcare, wherein the VC firm is a minority investor.
Some reports also started floating about the raid being related to Aircel-Maxis linkup, but Sequoia told LiveMint that the ED raid had nothing to do with the Aircel-Maxis case. The company said it is not associated with Aircel and Maxis. It should be noted that the Aircel-Maxis case is about allegations that former telecom minister Dayanidhi Maran had forced Aircel owner C. Sivasankaran to transfer ownership to Malaysia-based Maxis in 2006. The Malaysian company reportedly in return invested in Dayanidhi’s brother Kalanithi Maran’s Sun Direct.
Confirming the raid to the news site, Sequoia said it has fully supported the regulatory investigation, adopts complete transparency and will continue to dutifully respond to all inquiries. it also tweeted to continue to co-operate with the ongoing investigation on Vasan.