P Chidambaram Arrested in INX Media Case

P Chidambaram Arrested in INX Media Case

The INX Media company and its logo has become very famous. The company is owned by Peter Mukerjea and his wife Indrani. The FIPB stands for Foreign Investment Promotion Board. It is a government organisation. If any company wants to procure foreign investment by selling their shares, they have to follow the rules of the FIPB. INX met with FIPB regarding three investors from Mauritious. The three investors had agreed to invest in INX. The Board allowed INX Media to only sell shares worth Rs 4.62 crore. Between 2007 and 2008, INX ignored the Board’s rules. They received an investment of Rs 305 crore after selling their shares. They sold each share for Rs 862.31 They sold it for a lot! The actual price of each share was Rs 10. Shares were sold at 86 times more than the actual price. This is how they received an investment of Rs 305 crore. In January 2008, the Finance Ministry discovered the irregularities in their cash flow. The Income Tax were puzzled to see such a high amount invested in INX. They then informed the ED. Chidambaram was the finance minister in 2007. The ED asked why did he did not investigate the matter. Since INX had already taken the Rs 305 crore investment, he merely asked them to file a fresh application. The ED wondered that why he didn’t do nothing more. When Indrani was then arrested and questioned. She said that after she met P Chidambaram for the investments, she got a better deal. This proof made the CBI’s case even stronger. When Chidambaram’s son Karti saw the scam, he decided to get invovled and help solve INX’s problems. However he did not do this for free and accepted a bribe. The CBI filed an FIR against the company in May 2017. They filed a complaint against INX and all the related parties. Even the ED filed money laundering case against INX Media and related parties in 2018. In their FIR, the CBI said, Karti was offered a bribe to stop the Finance Ministry from investigating INX Media. INX knew that he was a very influencial person. This is why they gave him a bribe of Rs 10 lakh to solve the matter and stop the investigation. The CBI found the money & all these details when they raided Karti’s office and residence. Chidambaram knew all about his son and INX’s wrong doings. Chidambaram helped them buy property and assets worth Rs 54 crore in India and abroad. In February 2018, Karti was arrested but was released on bail in March 2018. In March 2018, Indrani Mukerjea told the CBI inorder to secure permission from the FIPB, INX had struck a deal of $1 million with Karti. They asked Karti to talk to FIPB on their behalf. This was how the approval was secured. This case has been going on for a while now. In May 2018, the Delhi High Court offered to temporarily postpone his punishment. On 20th August Chidarambaram was declared as the kingpin of their entire operation. They ordered to arrest him. When the CBI and the ED, went to arrest him at his residence he was missing. They tried to search him for a long time. On Wednesday again his lawyers requested the Supreme Court for bail and protection from arrest. The SC rejected the request. Chidambaram then requested the AICC which is the All India Congress Committee for a press conference. When the CBI and the ED arrived, Chidambaram somehow managed to leave. They then found that he was seen entering his home. The CBI and the ED reached his house. Outside his residence there was huge crowd of media persons and his supporters. The CBI along with the Delhi Police, climbed over the closed gates of the house and arrested him. The Congress party has extended their full support to Chindambaram. They said that the BJP government was misusing their power. They have made mistakes as well but are diverting the attention by arresting him. Chidambaram’s legal team is going to appeal in the SC in the coming week.

2 Replies to “P Chidambaram Arrested in INX Media Case”

  1. Hello,

    You missed to tell that Indrarani killed her daughter. So Indrarani talked court about her daughter problem. Then Indrarani opened about P Chidambaram. Court and CBI found.

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