What led to P. Chidambram's arrest in the INX Media Case?
The INX Media case refers to an ongoing
high-profile money
laundering investigation
in India. It involves allegation of irregularities in foreign exchange
clearances given to INX Media group for receiving overseas
investment in 2007. P. Chidambaram was union finance minister at the time. His son Karti Chidambaram has been implicated by the investigating agencies.
BY NANKIE BAWA | 3 MIN
READ
In
January, 2008 the Financial Intelligence Unit of the Finance Ministry flaged
Foreign Direct Investment of over Rs 305 crore by 3 Mauritius based companies
in INX Media Pvt Ltd, then owned by Peter and Indrani Mukherjee.
The
Income Tax department forwarded the case to Enforecement Directorate. In 2010,
ED registered a case against INX Media for alleged FEMA violations.
Role
of Karti Chidambaram
Several
years later while investigating a company associated with Chidambaram’s son
Karti Chidambaram, ED found documents linked to INX Media in the computer of
Karti’s CA S. Bhaskararaman. The Documents indicated payments made to Karti’s
alleged company by INX Media at the time Finance Ministry granted it FIPB
Approval. On ED’s referrance in this regard CBI registered a case of corruption
in May 2017 and searched premises connected with both Karti and his father P.
Chidambaram. Following this ED lodged a case of money laudering case against
Karti. Karti was arrested by CBI in Feb 2018. He was later granted bail by dhc.
He’s now Congress Lok Sabha MP from Seva Ganga.
Timline
of INX Media Case
15 May
2017 – The CBI registers a FIR, alleging irregulaties in Foreign Investment
Promotion Board clearance to INX Media for receiving overseas funds to thee
tune of Rs 305 crore in 2007 when Karti Chidambaram’s father P. Chidambaram was
the Union Finance Minister.
16 June,
2017 – Forigner Regional Registration Officer (FRRO) and Bureau of Immigration,
under Union Home Ministry, issues a Look-Out Circular
(LOC) against Karti Chidambaran
10
August 2017 – The Madras High Court stays LOCs issued against Karti Chidambaran
and four others.
14
August 2017 – The Supreme Court stays Madras High Court order, staying LOC
issued against Karti Chidambaran.
18
August 2017 – The Supreme Court asks Karti Chidambaram to appear before CBI on
August 23, 2017
22
September 2017 – The CBI tells the Supreme Court that was Karti Chidambaram was
prevented from travelling abroad as he was allegedly closing several of his
foreign bank accounts in abide to destroy evidence.
9
October 2017 – Karti Chidambaram seeks Supreme Court’s nod to visit the United
kingdom to get his daughter admitted at Cambridge University and express his
willingness that he will undertake that will not visit any bank there. P.
Chidambaran tells the Supreme Court that the BJP lead government has been
carrying on a politically motivated venn data against him and his son.
20
November 2017 – The Supreme Court allows Karti Chidambaram to visit the United
Kingdom for his daughter’s admission.
8
December 2017 – Karti Chidambaram moves Supreme Court challenging summon issued
by CBI against him in Aircel-Maxis deal case.
28
February 2018 – Kari Chidambaram arrested by CBI at Chennia airport soon after
his arrival from abroad and brought to Delhi. Delhi court sends him to one-day
police custody.
23 March
2018 – Karti Chidambaram gets bail after spending 23 days in jail by the Delhi
High Court in INX Media corruption case.
25 July
2018 – The High Court grants P. Chidambaram interim protection from arrest in
both cases.
11
October 2018 – The ED captures assets worth Rs 54 crore of Karti Chidambaram in
India, United Kingdom and Spain in connection with INX Media money laundering
case. P. Chidambaram describes the ED action as bizzare.
11 July
2019 – Sheena Bora murder case accused and INX Media owner Indrani Mukherjee
turns approver in the case and accepts the condition put on her before a judge.
20
August 2019 – Delhi High Court rejects anticipatory bail application of P.
Chidambaram.