ED Attaches Assets Worth Rs 11.04 Crore Of Congress MP Karti Chidambaram In INX Media Case

Karti Chidambaram and his father P Chidambaram are facing CBI and ED investigations relating to alleged irregularities in FIPB clearance given to the INX Media group during UPA regime.

Congress MP Karti Chidambaram

The ED has attached assets worth Rs 11.04 crore of Congress MP Karti Chidambaram in connection with the INX Media money laundering case, PTI reported.

Out of four attached properties, one is an immovable asset located in Coorg district of Karnataka, the ED said.

A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued against Karti, the statement said.

Karti Chidambaram is facing CBI and ED investigations relating to alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance given to the INX Media group for receiving funds from foreign countries to the tune of Rs 305 crore in 2007 when his father P Chidambaram was the Finance Minister.

The MP from Sivaganga Lok Sabha seat in Tamil Nadu was arrested in the INX case both by the CBI as well as the ED. He is presently out on bail.

The case relates to alleged illegal gratification received "directly or indirectly" from INX Media Pvt Limited to which Foreign Investment Promotion Board (FIPB) approval was granted during the tenure of his father as Union finance minister in the UPA government.

The FIPB was scrapped by the Modi government in 2017.

The ED has alleged that the total proceeds of crime laundered over a period of time in this case are Rs 65.88 crore.

"The money was routed to overseas accounts and investment was made in various overseas properties and shares of companies through various shell companies directly or indirectly controlled by Karti P Chidambaram and through his confidants," ED has alleged.

Karti Chidambaram has previously accused the BJP-led Centre of pursuing a politically motivated vendetta against his family.

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Earlier this month, a Delhi court allowed Karti Chidambaram to travel to Monaco in Spain and the UK for two weeks in April to attend a tennis tournament.

Chidambaram was granted permission to travel by special judge MK Nagpal on the grounds that he had always complied with the restrictions placed on him.

Besides the INX Media case, Chidambaram is an accused in another corruption case related to the alleged Aircel Maxis scam.