ED raids on Karti Chidambaram 11.04 crore properties
The Enforcement Directorate (ED) has stated in its statement that they have attached four properties of Karti Chidambaram valued at ₹ 11.04 crore. As well as others in the INX Media Pvt Ltd case in the Coorg district of Karnataka.
On Tuesday, Furthere, the federal agency, stated, Out of 4 attached properties, 3 are movable, and one is an immovable asset.
Son of former Union minister and prominent Congressman P Chidambaram, Karti Chidambaram is a sitting Congress Member of Parliament (MP) representing Tamil Nadu’s Sivaganga Lok Sabha district.
“11/600000= 0.000018333333333” and “1959-1994-2023 In reaction to the ED’s statement, Karti Chidambaram posted on Twitter, “I am confident the “legal rationale” will be tested when the time comes.
Based on a 1st information report issued by the Central Bureau of Investigation (CBI) for the commission of offences punishable under multiple sections of the Indian Penal Code (IPC), 1860, as well as the Prevention of Corruption Act, 1988, the ED initiated proceedings under the Prevention of Money Laundering Act (PMLA), 2002, against Karti Chidambaram, M/s Advantage Strategic Consulting Pvt Ltd (ASCPL), and others.
To analyse alleged anomalies in the approval of INX Media group by the FIPB (Foreign Investment Promotion Board) in 2007–2008, while P Chidambaram was the Union finance minister, the ED filed a criminal complaint under the PMLA in 2017.
In their complaint against P. Chidambaram, the CBI alleged that the former Union minister “misused his official position” along with his child Karti to approve foreign direct investment (FDI) to INX Media & INX News Pvt Ltd in exchange for “illegal gratification” in India via offshore payments.
According to the ED investigation, “illegal gratification (proceeds of crime) were received directly as well as indirectly from M/s INX Media Pvt. Ltd., to which charged P Chidambaram had given FIPB approval, through multiple shell companies controlled/beneficially owned/used by a different accused Karti P Chidambaram,” the ED stated in a statement.
In the accused’s company, “illegal gratification was received in the name of offering consultancy by the entities from INX Media,” the ED claimed.
According to the ED, the entire profits of crime in this case that was laundered over time was 65.88 crore.
According to the economic intelligence agency, “The money was routed to overseas accounts and invested in various overseas properties as well as shares of companies via multiple shell companies directly or indirectly managed by Karti P Chidambaram and through his confidants.”
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