Karti Chidambaram arrested by CBI in money laundering case in Chennai

Karti Chidambaram, son of senior Congress leader P Chidambaram was arrested by the Central Bureau of Investigation (CBI) at the Chennai airport on Wednesday in connection with the INX money laundering case.

He was taken into custody as soon as he landed in Chennai from a London flight. Karti Chidambaram’s chartered accountant S Bhaskararaman was arrested recently on February 16 from a five-star hotel in Delhi and was sent to 14-days judicial custody. It was revealed that Bhaskararaman, a qualified CA was managing Karti’s ill-gotten wealth in India and abroad during the course of investigation.

Karti Chidambaram photo

Karti Chidambaram. Photo courtesy of Karti Chidambaram.

Karti’s name got into the case related to Foreign Investment Promotion Board (FIPB) approval granted in 2007 for receiving funds by INX Media when K Chidambaram was the Union finance minister during previous UPA regime.

As per the ED, the INX Media had deliberately violated the conditions of the approval and invested 26% in the capital of INX News Pvt Ltd without specific approval of FIPB. This included indirect foreign investment by some foreign investors and generated Rs 303 crore of foreign direct investment in INX Media Pvt Ltd against the approved foreign inflow of Rs 4.62 crore.

INX Media then entered into a criminal conspiracy with Karti Chidambaram and FIPB unit of the finance ministry had not only granted illegal approval but also gave wrong information to the investigating wing of Income Tax Department as per ED allegations.

 

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