Karti Chidambaram Sent on 1 Day Custody for Money Laundering Case

Karti Chidambaram accused of receiving funds in the INX Media money laundering case, sent to one-day police custody

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Karti Chidambaram was arrested on 28 February, by the Central Bureau of Investigation (CBI) at the Chennai Airport.

The son of former finance minister and senior Congress leader P Chidambaram has reportedly been arrested due to non-cooperation in the INX Media case.

His name came up in the case that relates to the 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.

On 15 May 2017, the CBI had registered an FIR against Karti Chidambaram on charges of criminal conspiracy, cheating, accepting gratification by corrupt or illegal means, influencing public servants and criminal misconduct.

The ED alleged that INX Media had deliberately, and in violation of the conditions of the approval, made a downstream investment of 26 percent in the capital of INX News Pvt Ltd without specific approval of the 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.

Delhi's Patiala House court sent Karti Chidambaram to one-day police custody. He was produced before Metropolitan Magistrate Sumeet Anand and the CBI sought his custodial interrogation for 15 days claiming that he was not cooperating in the probe.

The duty magistrate remanded him to one-day CBI custody and asked the agency to produce Karti before the concerned judge on 1 March 2018.

The Congress termed the arrest of senior leader P Chidambaram’s son, Karti, a “classic diversionary tactic” of the Narendra Modi government to hide their “corrupt model” which got exposed with Nirav Modi and Mehul Choksi fraud case.

(With inputs from ANI and PTI.)

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