Tycoon Ananda Krishnan hit by graft charges in India

[SINGAPORE] As much as Malaysian tycoon T Ananda Krishnan, one of Asia's richest men, would want to wish away the vexing allegations of corruption blaring from India involving his firm Maxis Communications Berhad's (MCB's) buyout of Aircel eight years ago, it is not fading away. In fact, it is now threatening to turn into a full-blown, high-profile legal case.

India's Central Bureau of Investigation (CBI), after three years of investigating the US$800 million Aircel-Maxis deal for alleged irregularities, filed charges last week against several individuals including low-key entrepreneur Mr Krishnan and Indian media baron Kalanidhi Maran under Section 120B of the Indian Penal Code (criminal conspiracy) of the Prevention of Corruption Act.

The CBI probe began in 2011 and arose from a much larger investigation into one of the country's biggest corruption scandals involving the award of 2G spectrum licences which auditors say had cost India some US$40 billion in lost revenue.