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More - News - August 22, 2019

What is INX Media -Explained

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Former finance home minister P Chidambaram’s anticipatory bail entreaty gets canceled in Delhi Headquarters. He gets arrested on Wednesday night by the Central Bureau of Investigation (CBI) from his Jor Bagh residence in New Delhi.

In January 2008, the financial intelligence unit of the finance ministry flagged FDI of over 305 crore rupees by three Mauritius based companies in the INX Media Pvt. Ltd, which was then owned by Peter and Indrani Mukherjee. The Income-tax Department forwarded the case to Enforcement Directorate or ED.

In 2010, ED registered a case against INX Media for Alleged FEMA (Foreign Exchange Management Act – 1999) violations. Several years later, while investigating a company associated with Chidambaram’s son Karti Chidambaram, ED found documents linked to INX Media in the documents of Karti’s CA S. Bhaskaraman. The documents indicated payments made to Karti’s alleged company by the INX Media at the time the finance ministry branded FIPB approval. On ED’s reference in this regard, CBI registered a case of corruption in May 2017. Regarding the matter, the search sources both connected with Karti and his father P Chidambaram.

Following this ED launched a case of money laundering against Karti Karti was arrested by CBI last February, later he was granted bail by Delhi High Court and his now the Congress Loksabha MP from Siviganga.

The case turned when jailed Indrani Mukherjee gave statements against the former Finance minister P Chidambaram.

On August 20, the Supreme court rejected any plea against P Chidambaram’s bail. On Wednesday night he got arrested by CBI. He was taken to CBI headquarters in Delhi. Shortly after his arrest, the supreme court also rejected any proposal of immediate relief, paving the way to apprehend by CBI.

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