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Bail Granted By Delhi High Court to Karti Chidambaram in INX Media Case

Karti Chidambaram is the son of senior Congress leader and former Union Finance Minister P Chidambaram was booked by CBI and registered an FIR against him in May 2017 in the INX media case for misused his influence in the finance ministry to help the company to get approval from Foreign Investment Promotion Board.
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Delhi High Court granted bail to Karti Chidambaram who has been in judicial custody in Tihar in the INX media case. Chidambaram had been in judicial custody since last 11 days since 12th March, has been granted bail by Justice S.P. Garg.

 

The counsel for Karti rejected all the apprehensions of tampering with the evidence to seek the bail and asserted that there is no reason to keep him in prison when no further custodial interrogation has been sought by the probe agency.

 

Karti Chidambaram is the son of senior Congress leader and former Union Finance Minister P Chidambaram was booked by CBI and registered an FIR against him in May 2017 in the INX media case. He was arrested by CBI from Chennai airport when he returned from London, and was brought to Delhi. Earlier, the high court granted him with interim protection from being arrested by the ED in money laundering case.

 

The allegation made by CBI against him is that when P Chidambaram was the Finance Minister, Karti has misused his influence in the finance ministry to help INX Media to get approval from Foreign Investment Promotion Board of INR 4.62 crore investments from three Mauritius-based investors. But the company received INR 305 crore by selling the shares at a premium of INR 800 per share instead of INR 10 as mentioned in its application.

 

When the income tax department started with their investigation on the matter, it got revealed that INX Media took service from Chess Management Service Pvt Ltd by Karti Chidambaram to get the issues resolved by influencing the officials of the board.

 

ED had claimed that CA S Bhaskararaman who was allegedly helping Karti in managing the money received in illegal ways, had been arrested by ED on February 16th. He was also released on bail by Delhi High Court in March early.

 

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Reviewed by:
Rashmita Das
Published on 23-Mar-2018
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