CBI Raids On Karti Chidambaram: CBI Books Chidambaram’s Son

CBI Raids On Karti Chidambaram || New Delhi || ThePoliticalIndia: The CBI raided 16 properties linked to Karti Chidambaram in Chennai, Gurugram, and Delhi. The FIR has filed in Delhi on Monday. The raids are related to foreign investment clearances approved by the FIPB to INX Media in 2007.

The Firms under, INX Media Private Limited, had Indrani Mukherjea. Peter Mukherjea and Indrani Mukherjea are currently in prison on charges of murder of Sheena Bora.

Chess Management Services also finds a mention. The FIR names Padma Vishwanathan. Their bungalow in Mumbai has also raided.

“The FIR was the result of three months of investigation into the alleged transactions,” The CBI raids in Chennai said.

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The Case primarily based on two alleged:

Karti Chidambaram’s links with his father to post facto explain these inherently illegal transactions.

The firm obtained foreign funding multiple times higher than what was allowed.

P Chidambaram alleged that the center was targeting his son to silence his voice. Both the P Chidambaram and Karti Chidambaram denied the allegations.

THE PLOT

The FIPB is an inter-ministerial body responsible for processing FDI proposals and recommendation for government approval.

The foreign funding was sought to promote and run channels in both languages.

The investment was to raised through allotment of shares to three companies – New Vernon Private Equity Limited, NSR-PE Mauritius Private Limited and Dunearn Investment. The shares were to be issued at face value of Rs. 10 each.

“A total FDI inflow of Rs 4.62 crore was approved,” according to the press release issued by the FIPB.

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“The company went to issue the share valued Rs. 10 at a premium over Rs 800 for every share,” According to the FIR. This way, they managed to raise Rs 305 crore of FDI.

The FIR said, “INX approached Karti to fix the problem given that his father was the Union Finance Minister.

Karti got kickbacks for helping INX Media at the FIPB. Chess Managment Services also received a payment or Rs 10 Lakh for the management consultancy service it offered to INX Media.

UNANSWERED QUESTIONS

The investigating agency chose to remain mysteriously silent on the identity of officials.

According to the FIPB’s Website, The board consists of the following:

  1. Secretary to Government, Ministry of Overseas Indian Affairs.
  2. Secretary to Government, Economic Relations, Ministry of External Affairs.
  3. Secretary to Government, Ministry of Commerce & Industry, Department of Commerce.
  4. Secretary to Government, Ministry of Commerce & Industry, Department of Commerce
  5. Secretary to Government, Department of Economic Affairs, Ministry of Finance Chairperson

The FIPB can co-opt any secretary in the government to process an application.

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