ED raids Singapore-based Sequoia Capital's Bengaluru office

The Enforcement Directorate raided the Bengaluru office of Singapore-based firm Sequoia Capital on late Monday night in the case of ongoing investigation of Vasan Healthcare, a company that Sequoia has invested in.

Sequoia's office has been raided for flouting FDI norms, media reports said.

Sequoia Capital India said that the raid was a part of an ongoing investigation of Vasan Group where Sequoia India is a minority investor along with others. 

The raid comes months after the ED and the Crime Branch of India started investigations into Aircel-Maxis, a firm co-owned by former finance minister P Chidambaram's son Karti Chidambaram whose business dealings are already under the scanner in the 2G scam case. 

According to Economic Times, documents unearthed during investigating firms linked to Chidambaram had indicated that Sequoia was roped in to enable misuse of the foreign direct investment policy.

Sequoia India, in a series of tweets, said that it had "adopted a policy of full compliance with that investigation and has dutifully responded to governmental inquiries received to date.

It said that it will continue cooperating with the agency for the ongoing investigation.

Karti Chidambaram's businesses are being probed by both, ED and the Crime Branch of India (CBI) bureau.

More details awaited...