News By/Courtesy: Risha Roy | 16 Sep 2019 2:11am IST

HIGHLIGHTS

  • INX Media violated the provisions of Foreign Exchange Management Act
  • P. Chidambaram in Tihar Jail
  • Karti Chidambaram's property worth Rs.54 crores attached in the case

The INX Media case has in most recent times managed to garner a lot of media attention what with the involvement of the former Finance Minister of the country- Mr. P. Chidambaram who has been identified as the kingpin of this high-profile white collar crime. Founders Indrani Mukerjea and Peter Mukerjea of the media group have allegedly sourced Foreign Direct Investments to the tune of Rs. 305 crore (approx.) in gross violation of the conditions imposed by the Foreign Investment Promotional Board (FIPB) who had assented to an FDI inflow of Rs. 4.6 crore (approx.).

On detecting irregularities in the FIPB’s clearance to the media group, the Income Tax Department transferred the case to the Enforcement Directorate (ED) who then instituted a case against INX Media for having violated the provisions of FEMA.

Meanwhile during investigation, ED discovered documents which unraveled the association of Karti Chidambaram to INX Media and there were records of payments to the tune of Rs. 10 lakhs made to his company Advantage Strategic Consulting Ltd. Incidentally this took place at the same time the Finance Ministry had granted the FPIB approval to INX Media’s proposal during the tenure of P. Chidambaram serving as the Union Finance Minister under the UPA Government. Thereafter, an FIR was lodged by CBI citing the irregularities in the FIPB’s approval and a case of Money Laundering was instituted by ED.

Subsequently in 2018, Indrani Mukerjea confessed to have struck a million dollar deal with Karti Chidambaram in exchange of clearance of INX Media’s proposal by FIPB which was housed in the Department of Economic Affairs under the Ministry of Finance led by the P. Chidambaram.

Karti Chidambaram was hereafter arrested and his property worth 54 crores was attached by ED. However, he was later released on bail after serving 23 days in jail.

In August 2019, P. Chidambaram plead for an Anticipatory Bail which was repudiated by the Delhi High Court after which he allegedly went missing but resurfaced again at the Congress Party headquarters wherein he was heard stating that he shall respect the law and has not committed any felony with regards to the INX Media case.

Later on August 21, the former Finance Minister was taken into custody after what could only be called a dramatic set of events. Thereafter on 5th of September a Delhi Court remanded him to judicial custody for a period of 14 days. Kapil Sibbal, Senior Advocate appearing on behalf of P. Chidambaram, has put forth the contention that Chidambaram has been framed pertaining to political rivalry with the ruling party and that there is a mala fide intention behind ED’s investigation. On 13th September, Judge Ajay Kumar Kuhar rejected Chidambaram’s plea to surrender with respect to the ongoing case and as of now P. Chidambaram has been retained in Tihar jail where he is presumed to bring in his upcoming 74th birthday.

 

 

Section Editor: Prithvijit Mukherjee | 17 Sep 2019 22:21pm IST


Tags : #inxmeida #chidambaram #whitecollarcrime

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