CBI Charges Against Me are “Bogus”, Says Karti on FIR

Raids are now underway in New Delhi and Noida among other locations.

Former Finance Minister P Chidambaram with son, Karti. (Photo: PTI)

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• CBI briefed the media after conducting raids at P Chidambaram’s Chennai residence.
  Searches are still underway, hard disks, mails are under scrutiny, the CBI said.

• The raids are purportedly related to a 2007-08 case of FIPB approval given to INX media at the behest of Chidambaram’s son, Karti

• An FIR has been filed against Karti, Indrani and Peter Mukerjea, who owned INX media
  
• Chidambaram has accused the Centre of trying to silence his voice and of targeting his son
  

Updated at:16th May, 2017 at 9:08 PM

Updated at:16th May, 2017 at 11:00 PM

I Will Stand Vindicated One Day: Karti Chidambaram

Late after the CBI raids were conducted in the Chidambaram residence, Karti Chidambaram whom the CBI has accused of criminal conspiracy told the media that the charges levelled against him are “bogus”.

They’re unleashing every tool available to them. First it was the, ED, then it’s the Income Tax Department, now it’s the CBI. There’s nothing of substance. It’s all completely bogus. I have never ever interfered in the matters of the Govt of India. I will stand vindicated one day.

He vowed to fight the matter both legally and politically.

Updated at:16th May, 2017 at 9:15 PM

CBI Briefs Media After Raids

After conducting raids at Karti Chidambaram’s residence, the CBI in a media briefing said that INX Media and Karti Chidambaram were found to be involved in criminal conspiracy after investigation.

CBI Joint Director VVinayak said:

CBI registered a case under charges of conspiracy, taking gratification, in order, by corrupt or illegal means to influence public, cheating and misuse of official position against five named individuals and entities from FIPB and those involved in granting approval to the contract to INX media limited in the year 2007.

INX media run by its directors Indrani Mukerjea and Peter Mukerjea who are currently in jail, was allegedly found to seek Karti’s service to circumvent the Foreign Investment Promotion Board queries. Additionally, the Revenue Department’s probe request was ignored due to Karti’s influence.

The CBI also alleged that fallacious investment proposals were cleared by the then Finance Minister.

Searches still are underway, and hard disks, mails belonging to Karti are still under scrutiny, the CBI said.

I can only say that all lawful steps will be taken in due course of time. We have set process of investigation in motion; all people whose involvement comes forth will be investigated.

Updated at:16th May, 2017 at 7:04 PM

P Chidambaram evaded questions posed by reporters outside Karnataka High Court, after the CBI conducted raids at his residence in Chennai, and locations of Karti Chidambaram.

Updated at:16th May, 2017 at 9:03 PM

Karti Chidambaram's Deals Under the Scanner

Here is the list of deals made by Karti Chidambaram which are currently under the scanner, as reported by CNN News 18:

• $1.3 million deal to acquire a cotton mill in 2006
• $5.46 million received from Delaware Firm in the US
• Negotiation documents to buy farmland in Argentina
• Investments in race-horses and paintings
• Flats in DLF Gurgaon and Chennai
• Investments in restaurants in UK
• LPG import in Afghanistan
• $2.4 Mn investment proposal in a UK firm
• Documents on proposal to buy wine estate in South Africa

Updated at:16th May, 2017 at 3:58 PM

Chidambaram's Column Did Not Have Any Impact: Piyush Goyal

Union Minister Piyush Goyal rejected Chidambaram's charge that he was being targeted for his columns critical of the government and claimed that the issue was why beneficiaries of the Foreign Investment Promotion Board (FIPB) gave "money to firms owned by his son".

“The former Union finance minister’s columns did not exactly set the Yamuna on fire,” Goyal told reporters.

Asked about the case, Goyal said: "An investigation must have been going on... raids don't happen overnight."

The government does not interfere in CBI probes... as a common citizen, I can say the probe must have been going on. Agencies must have had the evidence to take the action they are taking.

Updated at:16th May, 2017 at 4:13 PM

All Allegations Untrue: Karti

On Tuesday afternoon, P Chidambaram’s son Karti addressed the media in Chennai, where he called all allegations against him “untrue”. He said he and his father were being “targeted for political reasons” and to “silence” them.

This raid is being carried out only because of political vendetta. Have done nothing wrong. They could not prove allegations against me, they want to silence our voice.

Karti Chidambaram

The raids are still on.

Ruling out a vendetta, Union Minister of State for Shipping, Pon Radhakrishnan, said in Madurai that searches being carried out by CBI were as part of its investigation into the INX media case.

DMK working president M K Stalin accused the Centre of "misusing" agencies like CBI and said the former union minister and his son would face the matter legally.

Updated at:16th May, 2017 at 4:02 PM

Here’s the copy of the FIR:

Updated at:16th May, 2017 at 3:39 PM

Peter and Indrani Mukerjea's Residences Raided in Mumbai

CBI raids Peter Mukerjea’s Worli residence as well as Indrani Mukerjea’s suburban residence in Mumbai as part of probe into alleged favours granted in foreign investment clearance to INX Media .

The Mukerjeas are both lodged in different Mumbai jails in connection with Sheena Bora – Indrani’s daughter’s – murder case. As of now, it’s difficult for their lawyers to get in touch with the Mukerjeas as they need permission from the prison department. The lawyers are only allowed to meet their clients when they’re in court for their hearings.

The CBI has been conducting searches at 17 locations across the country, including New Delhi, Gurgaon, Chennai and Chidambaram's hometown of Karaikudi, as part of a probe into the alleged criminal misconduct in approval of foreign investments in India.

Updated at:16th May, 2017 at 6:47 PM

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Karti Likely to Give Statement After Raids Are Over

Karti, who has been unreachable all day, stepped out of his father’s Chennai home briefly. He refused to comment as the CBI raids are still on. He is likely to give a statement once the raids are over.

Updated at:16th May, 2017 at 12:13 PM

It's BJP's Trick to Try to Silence Dissent, Says Randeep Surjewala

Congress leader Randeep Surjewala said it’s in the BJP’s DNA to attack those opposing, them by lodging false cases.

We will not cower down in front of BJP’s arm-twisting. We will always be the voice of the people. The truth is that revenge has become a DNA of the BJP. Neither Chidambaram nor any Congress leader or any other leader of opposition will be deterred, would be cowed down or would fear the politics of revenge and vendetta.

Updated at:16th May, 2017 at 4:16 PM

Updates From Outside Chidambaram's Residence

Reporting from outside Chidambaram’s residence, The News Minute said Karti is inside the residence at the moment, but his phone is currently unreachable.

Updated at:16th May, 2017 at 10:59 AM

P Chidambaram Accuses Centre

Speaking after the CBI raids at his Chennai residence, Chidambaram said the government is trying to “silence my voice”.

Government wants to stop me from writing, as it has tried to with leaders of Opposition parties, journalists, columnists, NGOs and civil society.

He said that the government was using central agencies to target his son, Karti.

Every case processed according to law and approval was granted or refused in accordance with FIPB recommendations consisting of 5 GoI Secretaries.

Updated at:16th May, 2017 at 11:35 AM

Chidambaram Is a Crooked Liar: Subramanian Swamy

Updated at:16th May, 2017 at 11:33 AM

Congress Defends Chidambaram

The Congress party extended support to Chidambaram.

Chidambaram has done nothing wrong, these raids are politically motivated.

KR Ramasamy, Congress leader

Party leader Tom Vadakkan called the raids "perception management".

For three years there was no evidence, but suddenly there are cameras everywhere on a Tuesday morning. This is what is called a photo opportunity. You try to attack people who have done so well in their own time. But this will not work. You have not delivered and people will ask questions soon.

“This is clearly a fishing expedition launched by the Modi government against Chidambaram,” Vadakkan told Reuters.

Meanwhile, a CBI spokesman in New Delhi confirmed to Reuters a raid was taking place at the home of Chidambaram's son, but gave no further details.

Updated at:16th May, 2017 at 11:33 AM

Details of What Happened in 2007: What Does the FIR Say?

INX Media had sought the FIPB clearance on 13 March 2007 for permission to issue upto 14.98 equity shares to three non-resident entities –Dunearn, NSR PE and New Veron Pvt Equity Ltd.

The FIPB unit had clearly mentioned that Foreign Direct Investment of Rs 4.62 crore proposed issue at the face value could be allowed and for investment in INX News a separate FIPB approval would be required.

The board recommended the proposal of INX Media for consideration of the Finance Minister but not that of INX News. The recommendations were cleared by the then Finance Minister, the FIR alleges.

But the company in violation of the recommendations went on to make investment to the tune of 26 percent in the capital of INX News, which included foreign investment, and generated more than Rs 305 crore of FDI in INX Media, against the approved inflow of Rs 4.62 crore, by issuing shares to foreign investors at a premium of more than 800 per share, it alleged.

The FIR alleged that the officials by virtue of influence exercised over them by Karti, not only ignored the serious illegality on the part of INX Media on both the counts, but also deliberately showed undue favours to INX Group by abusing their official position and advised the company to file for fresh clearance.

Here’s a copy of the FIR:

Updated at:16th May, 2017 at 1:04 PM

What Is The Case All About?

The early morning raids at the former Finance and Home Minister's residence were conducted in connection with Foreign Investment Promotion Board (FIPB) clearances given to INX Media (now called 9X Media) when it was run by Peter and Indrani Mukerjea, and Chidambaram was then the Finance Minister.

Motivated by Karti, the FIPB had apparently granted clearance to the channel at a much lower rate. It is alleged that while the clearance was only for Rs 4 crore, the actual foreign investment was much higher, and this was allowed because Karti allegedly facilitated the deal.

The CBI is investigating a money trail and the bribe allegedly given to Karti. He received Rs 90 lakhs as kick-backs, CNN-News18 reported. The involvement of P Chidambaram is also being investigated, since he was a Union Minister then.

The CBI has registered the case against INX Media through its director Indrani Mukerjea, Peter Mukerjea, Karti Chidambaram, Chess Management Services (a company of Karti), Advantage Strategic Consulting Limited through its Director Padma Vishwanathan.

It has levelled the charges of criminal conspiracy, cheating and taking gratification by corrupt or illegal means, to influence public servant and criminal misconduct.

Updated at:16th May, 2017 at 1:14 PM

CBI Raids P Chidambaram's Chennai Residence

Central Bureau of Investigation (CBI) officials are conducting raids at Congress leader and former finance minister P Chidambaram’s residence in Chennai, ANI reports.

Raids are underway in at least 14 different locations, including New Delhi and Noida, CNN-News18 reported.

The raids began early on Tuesday. Sleuths also searched Chidambaram’s Nungambakkam residence, a senior police official said in Chennai. Unconfirmed reports said the raids were also on at Karaikudi, his hometown.

(With inputs from The News Minute and PTI.)

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Updated at:16th May, 2017 at 11:35 AM