The Indian Wire » Politics » CBI files FIR against Karti Chidambaram
News Politics

CBI files FIR against Karti Chidambaram

CBI raided and seized hard disks, emails and documents from K Chidambaram's houses and offices from 14 location filing FIR against him.

The Central Bureau of Investigation has filed a FIR against, former finance minister P Chidambaram’s son, Karti Chidambaram. He is charged with the allegations of receiving payoff for facilitating foreign investment clearance for INX Media (now know as 9X media) in 2008, criminal conspiracy, cheating and corruption. M/s INX Media (P) Ltd., represented by its then directors Indrani Mukherjea and Pritam Mukherjea alias Peter Mukherjea; Chess Management Services (represented through its director Mr. Karti Chidambaram); Advantage Strategic Consultancy (P) Ltd., represented through its director Padma Vishwanathan and unknown Finance Ministry officials are also accused of being involved in the conspiracy.

During the search operation across 14 locations in Chennai, Delhi, Mumbai and Gurgaon, the CBI has seized hard disks, emails and documents.

According to the CBI, ₹4.62 crore were approved to INX Media in May 2007 by the Foreign Investment Promotion Board (FIPB) and it was also cleared at that time to INX Media that they would need a separate approval for the downstream investment. However, instead of going through the process of a separate approval, INX Media made a downstream investment and generated ₹305 crore by sale of shares at a premium of ₹800 a unit.

When the matter came to light, the Income Tax Department and the FIPB sought an explanation from INX Media. The company then went to Karti Chidambaram to seek advice and help them out of this situation. Under the influence if Karti, the FIPB not only ignored illegal ways of INX Media but also showed them their cooperation by suggesting them to again apply for the downstream investment. The FIR also mentions about Advantage Strategic Consulting (ASCPL), receiving an amount of ₹10 lakh from INX Media as management consultancy charge towards FIPB notification and clarification.

Although, P Chidambaram is not accused in the FIR, but he is also believed to be involved in the whole case as, he was the finance minister that time and the foreign investment proposal was favorably considered and approved by P Chidambaram.

Reach out to The Indian Wire!

Want to work with us? Looking to share some feedback or suggestion? Have a business opportunity to discuss?

You can reach out to us at [email protected] and we will get back in minutes.

Like us on Facebook!