Breaking: P Chidambaram's son Karti arrested by CBI for FEMA violation

New Delhi, Feb 28: According to the latest news, former Union Finance Minister and senior Congressman P Chidambaram's son Karti Chidambaram has been arrested .

Karti Chidambarm, son of former Union Finance Minister P. Chidambaram was arrested by the Central Bureau of Investigation (CBI) here on Wednesday, said an official.

He was arrested in connection with the alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance in the INX Media case, the CBI official added.

The agency is investigating the junior Chidambaram's role in facilitating the FIPB clearance for INX Media when his father was the Finance Minister.

Karti Chidambaram is alleged to have received Rs 3.5 crore from the Mumbai-based INX Media, now 9X Media, for helping it get the clearance. It was then run by Peter Mukerjea and Indrani Mukerjea.

 

Earlier Karti Chidambaram's CA was remanded to 14-day judicial custody. 

A Delhi court had sent Karti Chidambaram's chartered accountant S Bhaskararaman, arrested in the INX Media money laundering case, to 14-day judicial custody.

Karti'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 and senior Congress leader P Chidambaram was the Union finance minister during the previous UPA regime.

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 agency had said the investigation required the presence of Bhaskararaman for collecting vital evidence and other information which was within his special knowledge and exclusive domain.

It had 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.

News24Bureau with Agencies