P. Chidambaram: INX Media Case and Arrest – Former Finance Minister P Chidambaram has been arrested on charges of money laundering and receiving kickbacks in lieu of illegal FIPB and FDI approvals.
After high-tension drama, former Finance Minister P Chidambaram was arrested by the Central Bureau of Investigation in relation to the INX Media case on Wednesday. The veteran Congress leader will be produced before a special CBI court on Thursday morning.
Over the past day, Chidambaram lost interim protection against arrest and was labeled as the kingpin behind the INX Media case. Here’s a timeline of events under the said case, P. Chidambaram: INX Media Case and Arrest
INX Media Case Timeline-
Indrani Mukerjea and Husband Peter Mukerjea co-found INX Media.
31st May 2007:
FIPB allows INX Media to receive a foreign investment of 4.62 crores. However, INX Media receives a foreign investment of 305.36 crores in violation of FIPB rules. INX Media pumps downstream investment of 26% in INX News without FIPB approval.
Financial Intelligence Unit of the Finance Ministry finds an anomaly in money flow from 3 Mauritius based firms into INX Media.
ED registers a case against INX Media for alleged Foreign Exchange Management Act Violation.
15 May 2017:
The CBI files an FIR alleging irregularities in FIPB’s clearance to INX Media to receive overseas funds of over 305 crores in 2007 when Karti’s father P. Chidambaram was the finance minister.
16 June 2017:
The Foreigners Regional Registration Officer and Bureau of Immigration under Union Home Ministry, issues Look Out Circular(LOC) against Karti Chidambaram.
10 Aug 2017:
Madras HC stays the LOC’s against Karti Chidambaram saying that they were prima facie “unwarranted”.
14 Aug 2017:
Supreme Court(SC) overturns Madras HC order.
CBI tells SC it has unfurnished details of the probe on “possible transactions” in foreign countries and 25 alleged properties of Karti Chidambaram.
Karti Chidambaram moves to SC challenging the summons issued against him in the Aircel- Maxis deal case.
The Supreme Court remanded back to Madras high court the pleas relating to the issuance of LOCs against Karti and others. It, however, makes it clear that its interim order “shall continue till the matter is finally disposed of.”
ED arrests Karti’s chartered accountant and a co-accused S Bhaskaraman after it allegedly finds documents related to the INX Media case on his computer. Later in the month, Karti is also arrested upon his return to India from the UK.
Delhi high court grants bail to S Bhaskaraman. After 23 days in custody, Karti Chidambaram also gets bail and interim protection from arrest by ED.
CBI names Chidambaram and Karti in its charge sheet in the Aircel-Maxis deal. But later, Delhi high court grants Chidambaram interim protection from arrest and directs him to cooperate with probe agencies.
ED tightens the noose on Karti Chidambaram and attaches his assets worth Rs54 crore in India, UK, and Spain.
Spelling more trouble for the Chidambarams, a Delhi court allows Indrani Mukerjea, prime accused in the case of her daughter Sheena Bora’s murder, to turn approver in the INX Media case. In her application to the court, Mukherjea prays for pardon in the case in exchange of full and true disclosure.
ED asks Karti Chidambaram to vacate the Jor Bagh residence in New Delhi, which was earlier attached by the agency, within 10 days. However, a special court-ordered status quo on ED’s possession notice.
Aug 20, 2019:
The Delhi high court rejects Chidambaram’s anticipatory bail.
Aug 21, 2019:
The senior Congress leader is arrested from his residence.