Assets Of Congress MP Karti Chidambaram seized in money laundering case

Mangalore Today News Network / NDTV

New Delhi, April 19, 2023: Assets worth ₹ 11.04 crore of Congress MP Karti Chidambaram and others have been seized by the Enforcement Directorate for alleged money laundering in the INX Media case.

The seized assets include a property in Karnataka’s Coorg district, the ED said in a statement.

 

Mr Chidambaram, the son of Congress leader P Chidambaram, is an MP from Tamil Nadu’s Sivaganga.

The INX Media case is linked to alleged money laundering in allowing foreign investment in the media firm when P Chidambaram was Finance Minister in the United Progressive Alliance (UPA) government.

Investigators have alleged the Chidambarams received kickbacks for granting the foreign investment permission.

"During investigation, it was revealed that illegal gratification (proceeds of crime) was received directly and indirectly from INX Media Pvt Ltd, to which accused P Chidambaram granted FIPB (Foreign Investment Promotion Board) approval via shell companies controlled/beneficially owned/used by another accused, Karti Chidambaram," the ED said in the statement.

Karti Chidambaram has said the BJP-led centre has been pursuing a politically motivated vendetta against his family.

P Chidambaram was arrested by the Central Bureau of Investigation (CBI) in the INX Media case in August 2019. In October the same year, the ED arrested him in a related money laundering case. He got bail in both cases later.

The CBI had filed its case in May 2017, alleging irregularities in the FIPB clearance granted to INX Media group for receiving overseas funds of ₹ 305 crore in 2007. Subsequently, the ED filed the money laundering case.