ED Conducts Raids at Karti Chidambaram's Properties in New Delhi, Chennai

INX Media case ED conducts raids at Chidambaram Karti's

On Thursday, ED had issued fresh summons to Karti Chidambaram who is the son of senior Congress leader and ex FM P Chidambaram, after he left out his appearance before it in links with the INX Media money laundering case probe.

Karti is also being probed by the ED in an another money laundering case pertaining to the INX media deal.

The central probe agency on December 1 past year had conducted similar searches on the premises of a relative of Karti and others in this case. ED had also carried out raids in the premises of Karti's relatives and others on December 1, 2017.

ED officials searched and found nothing, Chidambaram said. "The raid concluded at 10:45 am", Karti's lawyer Arun Natrajan told media in Chennai.

"There are obviously no proceeds of crime and the ED has no jurisdiction under the Prevention of Money Laundering Act (PMLA)", P Chidambaram told reporters.

Sources say that the ED chose to conduct the raids since Karti failed to appear before the agency on 11 January as per the summons they had sent him.

The ED raids in Chennai have concluded. According to initial reports, the raids which are being conducted in Delhi and Chennai are in relation to the Aircel-Maxis case.

The Central Bureau of Investigation (CBI), which separately probing how INX Media got a clearance from Foreign Investment Promotion Board (FIPB).

It also found that the company promoted by Karti and P Chidambaram's nephew allegedly received two lakh dollars from Maxis Group in the guise of software consultancy.

The case pertains to alleged irregularities in the Foreign Investment Promotion Board approvals INX Media obtained in 2007 to receive funds worth Rs 305 crore from overseas. The ED alleged that FIPB approval in the Aircel-Maxis FDI case was granted in March, 2006 by the then finance minister despite he was capable to agreement on project proposals only up to Rs 600 crore and more that it needed the approval of the Cabinet Committee on Economic Affairs (CCEA).

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