PICS: ED attaches Karti Chidambaram's properties worth Rs 540000000, including sprawling bungalows
ED attaches Karti's properties worth Rs 54 crore in India and also abroad. The Enforcement Directorate attaches around Rs 54 crore worth properties and bank deposits of Karti Chidambaram in connection with the INX Media case
New Delhi, Oct 11: ED attaches Karti's properties worth Rs 54 crore in India and also abroad. The Enforcement Directorate attaches around Rs 54 crore worth properties and bank deposits of Karti Chidambaram in connection with the INX Media case. Properties include, Jor Bagh in New Delhi, bungalows in Ooty and Kodaikanal bungalows, a house in UK and property in Barcelona, Spain.
An FIR by CBI, filed on May 15 last year, had alleged irregularities in the Foreign Investment Promotion Board clearance to INX Media for receiving Rs 305 crore in overseas funds in 2007 when Karti's father, P Chidambaram was union finance minister.
INX Media was once owned by Peter and Indrani Mukherjea, the prime suspects in the money laundering case, but was later acquired by Zee Entertainment Enterprises in October 2017 for Rs 160 crore. The company renamed itself as 9X Media as part of a restructuring process.
According to the CBI, INX Media showed a transaction of Rs 10 lakh named against Advantage Strategic Consulting Pvt Ltd, a firm which is indirectly owned by Karti Chidambaram, as management consultancy charges towards a Foreign Investment Promotion Board notification and clarification.
CBI alleged that Karti took money from INX Media and used his influence and power to manipulate a tax probe against the company regarding a case of violation of FIPB conditions to get an investment from Mauritius.
In 2010, the Enforcement Directorate had registered a case under Foreign Exchange Management Act for diverting foreign direct investment by three Mauritius-based companies in INX Media to its step down subsidiaries without prior approval of the Foreign Investment Promotion Board.
Image: The plush interior of one of the house owned by Karti Chidambaram, attached by the ED