CBI raids the Chidambarams' premises over INX deal

16 May 2017 | Written by Ramya Patelkhana; Edited by Gogona Saikia

On 16th May, the CBI searched 17 premises linked to Chidambaram, his son Karti, and the jailed couple Indrani and Peter Mukerjea as part of a wider probe into suspected criminal misconduct in foreign investment approvals.

Raids were carried across New Delhi, Gurugram, Mumbai and Chennai.

The investigation relates to foreign-investments received by the Mukerjeas' INX in 2007-08 cleared during Chidambaram's tenure as FinMin.

In context: 2007 INX deal and the Chidambaram link

16 May 2017CBI raids the Chidambarams' premises over INX deal

CBI ProbeDid Chidambaram misuse office to secure payoffs for Karti?

CBI was probing whether Chidambaram misused his office during his tenure to secure payoffs for Karti Chidambaram in exchange of foreign investment approvals.

CBI raids came after the Enforcement Directorate (ED) accused Chidambaram in its Aircel-Maxis deal investigation in Apr'17.

During the investigation, ED received evidence of INX's payments to Advantage Strategic, the ultimate beneficiary of which is the Chidambaram family.

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CBI names Karti and the Mukerjeas in FIR

CBI formally named Karti as of one of those accused of criminal conspiracy, cheating, seeking to influence a public servant, and criminal misconduct in the sale of INX stakes to offshore entities in 2007. Indrani and Peter Mukerjea were also named in the case.
60% of Advantage Strategic owned by the Chidambarams

Recovered Documents60% of Advantage Strategic owned by the Chidambarams

According to ED, 60% of Advantage Strategic was owned by the Chidambaram family.

The remaining was owned by Ausbridge Holdings (once 95% owned by Karti), which was later transferred to Mohanan Rajesh, an alleged associate of Karti.

The documents proving the same were recovered by a joint Income Tax-Enforcement Directorate investigation into Karti's businesses involving hotels, estates, sports academies, and apartments in 22 countries

TransactionsKarti received Rs. 90cr after INX deal was cleared

Documents recovered by I-T and ED also show Advantage Strategic received consultancy fees from firms which applied to the Foreign Investment Promotion Board (FIPB) when P Chidambaram was its chief.

One bank account held by Advantage had transactions worth over Rs. 151cr since 2005-06.

Karti is accused of receiving Rs. 90cr in consultation charges after foreign investments in INX were approved.

19 Jul 2017INX Bribery case: Karti Chidambaram summoned for CBI questioning

In yet another trouble for former Finance Minister Chidambaram's son Karti, CBI summoned him for questioning on 21 July.

The case is related to the clearance given by Foreign Investment Promotion Board to INX Media during the UPA rule in 2007.

CBI alleges a firm "indirectly controlled" by Karti received massive amounts of money from INX.

Seeking more time, Karti evaded previous CBI summons.

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14 Aug 2017Centre challenges Madras HC relief to Karti Chidambaram in SC

The Centre has moved the SC against a Madras HC order staying "unwarranted lookout circulars" against Karti Chidambaram issued by the Centre in an alleged corruption case.

Karti had earlier claimed the circular was "political vendetta" by the Centre and was issued "arbitrarily" to prevent him from going abroad.

The matter will be heard today itself after listed hearings.