INX Media Money Laundering case: Karti Chidambaram’s name had cropped up in the case which relates to Foreign Investment Promotion Board (FIPB) approval granted in 2007 for receipt of funds by INX Media when his father P Chidambaram was the Union Finance Minister during the previous UPA regime.
The Enforcement Directorate’s raids come a day after Karti, the son of former finance minister and senior Congress leader P Chidambaram, was interrogated by the agency for over 10 hours.
The ED had earlier summoned Karti Chidambaram on February 2 after which he informed them that he would be unable to depose as he had an interlocutory application pending in the Supreme Court in this case.
After the investigation agency CBI said that she was not required for further custodial investigation in the case, special CBI Judge Sunil Rana remanded her to judicial custody.
“I belong to the Opposition party. Let the government misuse the ED. I shall neither bend nor break and I shall continue to speak and write,” said P Chidambaram.
It is alleged that Karti had received money from INX Media for using his influence to manipulate a tax probe against it in a case of violation of Foreign Investment Promotion Board (FIPB) conditions to receive investment from Mauritius.
The ED registered the case under the Prevention of Money Laundering Act (PMLA) on the basis of a corruption case the CBI had filed on Monday against Karti and the INX group.
The case registered under Foreign Exchange Management Act (Fema) by ED in 2010 pertains to investment by three Mauritius-based companies in INX Media.
Zee Entertainment has secured an in-principle approval from its board to acquire 9X,a general entertainment channel owned by INX Media.