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Karti Chidambaram arrested by CBI in INX Media money laundering case

The Central Bureau of Investigation (CBI) on Wednesday arrested Karti Chidambaram from Chennai Airport in connection with the INX Media money laundering case. The agency had summoned Karti for questioning earlier but he had sought stay orders from various courts.

He was taken into custody just after he landed from a flight from London.

The CBI team, along with Karti Chidambaram have left for Delhi from Chennai for further probe.

The Congress slammed the arrest of Karti Chidambaram terming it as Modi government’s “diversionary tactic” to hide its “corrupt governance”.

“Classical diversionary tactic to hide Scams & Colossal Corruption that is being exposed on a daily basis, be it NiMo+Choksi, DD Jewellers and Rotomac,” Congress spokesperson Randeep Singh Surjewala tweeted.

“However, it will not stop the Congress from bringing the truth out to the people,” he added.

Karti’s chartered accountant S Bhaskararaman was recently arrested from a five-star hotel in Delhi on February 16.

The ED had earlier claimed that during the course of investigation, it was revealed that Bhaskararaman, a qualified CA, had been assisting Karti to manage his “ill-gotten wealth” in India and abroad.

The Enforcement Directorate had filed a case against Karti in May 2017 alleging irregularities in the grant of Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving foreign investment of over Rs 300 crore in 2007 when his father, P Chidambaram was the union finance minister.

It alleged that INX Media had deliberately and in violation of the conditions of the approval made a downstream investment of 26 per cent in the capital of INX News Pvt Ltd without specific approval of FIPB, which included indirect foreign investment by some foreign investors, and generated Rs 305 crore foreign direct investment in INX Media Pvt Ltd against the approved foreign inflow of Rs 4.62 crore.

To wriggle out of the situation without any punitive action, INX Media entered into a criminal conspiracy with Karti, the ED has alleged. The FIPB unit of the finance ministry had not only granted illegal approval but also misinformed the investigation wing of Income Tax Department, it had alleged.


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