E-Paper
INX media case: ED attaches Karti Chidambaram’s properties worth ₹11.04 crore
A criminal case under the PMLA was filed by ED in 2017 to probe alleged irregularities in the grant of FIPB (Foreign Investment Promotion Board) approval to INX Media group in 2007-08 when P Chidambaram was serving as the Union finance minister
The Enforcement Directorate (ED) said it has attached four properties valued at ₹ 11.04 crore belonging to Karti Chidambaram and others in the INX Media Pvt Ltd case in Karnataka’s Coorg district.
Out of four attached properties, three are movable and one is an immovable asset, the federal agency said in a statement on Tuesday.
Karti Chidambaram is the son of former Union minister and senior Congress leader P Chidambaram and is a sitting Congress MP from the Sivaganga Lok Sabha seat in Tamil Nadu.
“11/600000= 0.000018333333333” and “1959-1994-2023 I am sure the “legal logic” will be tested when the time comes,” Karti Chidambaram wrote on Twitter in a response to ED’s statement.
Proceedings under the Prevention of Money Laundering Act (PMLA), 2002, was initiated against Karti Chidambaram, M/s Advantage Strategic Consulting Pvt Ltd (ASCPL) and others by ED on the basis of a first information report registered by the Central Bureau of Investigation (CBI) for the commission of offences punishable under various sections of the Indian Penal Code (IPC), 1860 and Prevention of Corruption Act, 1988.
A criminal case under the PMLA was filed by ED in 2017 to probe alleged irregularities in the grant of FIPB (Foreign Investment Promotion Board) approval to INX Media group in 2007-08 when P Chidambaram was serving as the Union finance minister.
CBI in its complaint against P Chidambaram contended that the former Union minister ‘misused his official position’, along with his son Karti, to grant approval to foreign direct investment (FDI) to INX Media and INX News Pvt Ltd in lieu of ‘illegal gratification’ in India through offshore payments.
“During the investigation conducted by ED, it is revealed that illegal gratification (proceeds of crime) was received directly and indirectly from M/s INX Media Pvt. Ltd., to which accused P Chidambaram had granted FIPB approval, through several shell companies controlled/ beneficially owned/ used by another accused Karti P Chidambaram,” ED said in a statement.
“Illegal gratification was received in the company of the accused in the name of providing consultancy by the entities from INX Media,” ED stated.
ED has claimed that the total proceeds of crime laundered over a period of time in this case are ₹65.88 crore.
“The money was routed to overseas accounts and investment was made in various overseas properties and shares of companies through various shell companies directly or indirectly controlled by Karti P Chidambaram and through his confidants,” said the economic intelligence agency.
