New Delhi: Karti Chidambaram, son of former Finance Minister P Chidambaram, was on Wednesday arrested by the CBI in connection with its probe in the INX media case.
Karti was taken into custody by a team of CBI officials at the Chennai airport on his return from the United Kingdom.
Here is the Timeline of INX media bribery case involving Karti Chidambaram
The CBI on May 15 last year had alleged irregularities in the FIPB clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when P Chidambaram was the Union finance minister.
Karti Chidambaram has been charges of criminal conspiracy, cheating, accepting gratification by corrupt or illegal means, influencing public servants and criminal misconduct.
Karti Chidambaram allegedly received Rs 3.5 crore from the Mumbai-based INX media, now 9X Media, for helping it get Foreign Investment Promotion Board (FIPB) clearance, when it was run by Peter and Indrani Mukerjea, both accused in the Sheena Bora murder case.
FIPB board allowed that only Rs 4.62 crore could be received and for investment in INX News Pvt Ltd.
The company however allegedly violated the conditions set by the FIPB.
It received investment to the tune of 26 percent in the capital of INX News including foreign investment.
INX News allegedly generated more than Rs 305 crore of FDI against the approved inflow of Rs 4.62 crore.
INX News issued shares to foreign investors at a premium of more than Rs 800 per share.
Income tax department detected investment amount of Rs 305 crore in the year 2008.
Role of Karti Chidambaram
Chess Management Services Private Limited (that deals in legal compliance and audit business) and Advantage Strategic Consulting Pvt ltd are the two firms linked to Karti Chidambaram. Both the companies are under the scanner for receiving money for services rendered by Karti. Rs 3.5 were allegedly routed to Karti via these companies.
CBI FIR has named the following persons in connection with the case
INX Media trough Directors Indrani Mukherjea and Peter Mukherjea
Karti P Chidambram
Chess Management Services Pvt Ltd( Karti's Company)
Advantage Strategic Consulting Pvt Ltd (Karti's Control)
Unknown Officials of Finance Ministry
- (Reported by Jitender Sharma)