New Delhi: Former Union minister P. Chidambaram was arrested by CBI Wednesday in the corruption cases related to the INX Media scam.
A CBI team reached the former union minister’s Delhi home minutes after he held a press conference at the Congress party headquarters, in which he dismissed the ED and CBI charges as “lies”.
Earlier in the day, the Supreme Court refused to grant an urgent hearing of his plea seeking protection from arrest. Chidambaram had moved the top court after the Delhi High Court rejected his plea seeking anticipatory bail.
Also read: Chidambaram spends first night in CBI custody, his 2 concerns — clean lockup & hygienic food
The Central Bureau of Investigation (CBI) had registered an FIR on 15 May, 2017 alleging irregularities in the Foreign Investment Promotion Board (FIPB) clearance granted to the media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram’s tenure as finance minister during UPA I.
The Enforcement Directorate (ED) in 2018 filed the money laundering case in this regard.
INX media case
According to the CBI, companies linked to Chidambaram’s son Karti had influenced the FIPB for approval of irregular investment worth Rs 305 crore in INX Media when the former was the finance minister in 2007.
INX Media was founded by Indrani Mukerjea in 2007 through two companies — INX Media Pvt Ltd and INX News Pvt Ltd. She is currently lodged in Mumbai’s Byculla jail for allegedly murdering her daughter Sheena Bora. Apart from Indrani, her husband, Peter Mukerjea, is also linked to the case.
The CBI says that the Finance Ministry, then under Chidambaram, received an application from INX media for FIPB approval on 15 March, 2007. The FIPB, in a meeting on 18 May 2017, recommended the proposal of INX media to issue equity shares to three non-resident investors, in order to create several news channels. INX Media had also proposed that financial investment of up to 26 per cent of the outstanding equity share capital of the company be allowed.
The FIPB, however, did not approve downstream investment by INX Media in INX News and even for INX Media, the board allowed Foreign Direct Investment (FDI) inflow of only Rs 4.62 crore, CBI says.
According to CBI’s FIR, contrary to the approval of FIPB, INX Media allegedly violated conditions and made an irregular investment of up to 26 per cent in capital for INX News. This generated over Rs 305 crore of FDI in INX Media against the allowed foreign inflow of Rs 4.62 crore as shares were issued to foreign investors at a premium of over Rs 800 per share.
Also read: Modi has reduced his cabinet to a rubber stamp, all decisions taken by PMO: Chidambaram
1. It is obvious that former Union Minister P Chidambaram is in deep trouble. P Chidambaram has to defend his illegal acts and that is not at all easy. 2. Some leaders of the Congress party, which enjoyed power for so many years, are still unable to accept that for their past sins of omissions and commissions, they will be questioned and held accountable. 3. It is necessary that if anyone of former ministers or political leaders is found guilty by the Trial Courts, he/she will be awarded appropriate punishment for their illegal acts. 4. One can’t understand why individuals like P Chidambaram and Priyanka Gandhi-Vadra, who has come forward to defend Chidambaram, think that Chidambaram is being questioned (by the Enforcement Directorate) for saying the truth. Citizen-voters like me would certainly like to know what that so-called truth is. 5. As it is, credibility of the Congress party is now rather low and that is because of UPA government’s gross failures, in form of not taking action against corrupt ministers and other politicians. 6. I think if Congress party’s leaders do not see writing on the wall they will have to undergo further humiliation at hands of voters; of course not many will feel bad about such humiliation.
Chidambaram deserves to be in jail for a very long time for his corruption. We need to recover all of his illegally obtained properties.
I forget that woman’s name, who murdered her daughter, and on the basis of whose testimony Mr Chidambaram has been arrested. It will be interesting to know if her own case of murder has taken a softer turn after her testimony. Even after her testimony, which was recorded I think two years ago, if the proof was convincing against Mr Chidambaram, why did the investigating agencies not name him in any FIR in the case so far?
Corruption, Congress, Chidambaram all owe their allegiance to Gandhi Family. Waiting for days to see the main culprit is behind the bars.
Is there a book on Congress’s Corruption?
Not many Congress Leaders will shed a tear for Chidambaram.
Better late than never. We will be spared of reading an article by this crook every Sunday in Indian Express.
Brilliant news.
P (for Pakistani agent) Chiddu should not be prosecuted for political vendetta. However, since he is a very corrupt guy, he should not be given unfair special privileges and should face justice.
Well said, bro…so called “unfair special previliges”