ED crackdown continues on Karti Chidambaram, raids held at his Mumbai properties
In a crucial development, the Enforcement Directorate today conducted searches at two locations in Mumbai in connection with the INX-Media case.
Sources in the agency told India Today that these locations include properties of Karti Chidambaram, who was recently in custody of CBI.
"During the investigation we came across some fresh evidences which are crucial for the investigation and hence these searches have been said," said a senior official of ED.
Karti, who is still in judicial custody had termed action against him by the ED and CBI as 'political vendetta'. Former Finance Minister and father of Karti, P Chidambaram had also told media that the government is targeting them to gain political mileage.
INX MEDIA CASE
INX Media, which was once owned by Peter and Indrani Mukerjea - prime suspects in the money laundering case - had shown a transaction of Rs 10 lakh named against Advantage Strategic Consulting Pvt Ltd, a firm which is indirectly owned by Karti, as management consultancy charges towards a Foreign Investment Promotion Board (FIPB) notification and clarification.
CBI has allegedly said 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.
The Enforcement Directorate (ED) had registered a case under Foreign Exchange Management Act (FEMA) for diverting foreign direct investment by three Mauritius based companies in INX Media to its step down subsidiaries without prior approval of the FIPB.
New Vernon Private Equity Limited, New Silk Route (NSR) PE Mauritius, and Dunearn Investment were the three Mauritian companies involved with INX Media.
After an investigation by Central Board of Direct Taxes (CBDT) which came up with the tax history of the INX group, it suggested that Mukerjeas were involved in laundering Rs 305 crore via Mauritius into 8 different INX subsidiary companies.
A case was filed against Karti seeking probe by the CBI and Enforcement Directorate.