P Chidambaram’s role in INX Media case, explained « Khabarhub
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P Chidambaram’s role in INX Media case, explained

22 August 2019  

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NEW DELHI: India’s Central Bureau of Investigation (CBI) arrested senior Congress leader P Chidambaram on Wednesday night in connection with the INX Media case.

Chidambaram was arrested a day after Delhi High Court ruled that the INX Media case was a typical ‘case of money laundering’.

He is currently being probed for allegedly helping the INX Media to get illegal Foreign Investment Promotion Board (FIPB) clearance for funds amounting to IRs 305 crore. Chidambaram was then the finance minister in the UPA-I government.

The case related to INX Media goes back to 2008 when India’s Financial Intelligence Unit (FIU) of the Ministry of Finance came across anomalies in money flow to the INX Media Private Limited from three Mauritius-based firms.

INX Media issue

INX Media was founded by Indrani Mukherjea and her husband Peter Mukherjea both media entrepreneurs.

Chidambaram has been alleged to have helped them in violating foreign investment laws. Even though the INX Media had got the permission to bring in foreign investments to the tune of Rs 4.62 crore, the company allegedly received around Rs 305 crore.

The FIU came across anomalies in the FIPB clearances and the amount that was received by INX Media. The investigation then was handed over to the Enforcement Directorate, which initiated an investigation and found an indication of corruption. The issue then was referred to the CBI, which then registered an FIR on May 2017 which highlighted wrongdoings in the FIPB clearance.

The fact that the media company received Rs 305 crore instead of the approved Rs 4.62 crore had violated the FIPB rules.

Chidambaram has emphatically denied those allegations against him. (Agencies)

Publish Date : 22 August 2019 15:03 PM

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