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INX Media case: ED grills Karti Chidambaram again in money laundering case

BusinessToday.In     January 20, 2020

The Enforcement Directorate once again interrogated Karti Chidambaram, son of former Finance Minister P Chidambaram, over the INX Media money laundering case on Monday. The agency recorded Karti's statement in the matter under Prevention of Money Laundering Act (PMLA), reports suggest.

Allegations against Karti state that he received kickbacks in lieu of his father P Chidambaram facilitating infusion of foreign funds in INX Media in 2007 during his tenure as the Finance Minister. The veteran Congress leader was incarcerated for 106 days in this case, and was granted bail by the Supreme Court on December 4 last year.

Both Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) have alleged that the Chidambaram father-son duo received kickbacks for a deal worth Rs 305 crore. He had been questioned several times in the past by the ED in relation to this case.

Back in March 2018, Karti was arrested from Chennai airport in relation to the INX Media case. He was granted bail by Delhi High Court after spending 22 days in Tihar jail. The ED also attached properties worth Rs 54 crore belonging to Karti in 2018.

Agency sources had earlier alleged that P Chidambaram and Karti were the "beneficial owners" of several shell firms that were incorporated in India and abroad in connection with a Foreign Investment Promotion Board (FIPB) approval given to the INX Media group during the former's tenure as the Union finance minister.

The central agency's probe found that the alleged kickbacks so received by the father-son duo were used to meet their "personal expenses". They put the money in over two dozen foreign accounts and purchased multiple immovable assets in countries such as Malaysia, the United Kingdom and Spain among others, according to the ED.

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