INX Media corruption case: CBI gets one day custody of Karti Chidambaram

Son of former Union Minister P Chidambaram and businessman Karti Chidambaram was sent to one-day police custody by a CBI special court in Delhi on Wednesday.

Karti Chidambaram, 46,  was arrested at Chennai airport in a corruption case. He is accused of using his influence in the finance ministry to help INX Media get approval for foreign investments from three Mauritus-based investors during.

Karti told the media that his arrest was “absolutely, political vendetta”.

The CBI after his arrest had sought 15 days custody. The investigative agency told the court that he was arrested because he had not cooperated with the investigators.

CBI said, “Karti Chidambaram made incorrect statements with respect to the evidences.”

The investigative agency also claimed that an accused on February 17 in a statement recorded in front of a magistrate had stated that Karti Chidambaram had demanded $i million in foreign currency to settle INX case.

Karti replying to the court said, “I should have been a Hindustan leaver.” He referred to businessmen Nirav Modi and Vijay Mallya, who are accused of financial crimes and left the country.

Abhishek Manu Singhvi, Karti Chidambaram’s lawyer, rubbished the investigative agency’s notion as “bizarre fake.”

Singhvi told the court that the CBI has not questioned any of the secretaries of Foreign Investment Promotion Board  (FIPB) whom they claimed Karti had influenced nor filed a status report.

“My client was interrogated for 22 hours when he was summoned. They have no questions left,” Singhvi told the court.

CBI alleges that INX Media allegedly received approval from FIPB for Rs 4.62 crore investment but received Rs 305 crore by sale of shares at a premium of Rs 800 per share and roped in Karti’s company, Chess Management Services Pvt Ltd, to solve the issue by influencing FIPB officials.

Also read: INX Media money laundering case: SC to hear Karti Chidambaram's anticipatory bail plea on Mar 6

The Congress describes Karti’s arrest as vendetta and move to divert attention of public from Rs 12,636 crore Punjab National Bank fraud in which jeweller Nirav Modi is accused.

Congress spokesperson soon after the arrest tweeted, “Classical diversionary tactic to hide Scams & Colossal Corruption that is being exposed on a daily basis, be it NiMo+Choksi, D.D. Jewellers and Rotomac. Modi Govt continues it’s vendetta against Sh. P. Chidambaram. Won’t deter the Congress from bringing the truth to the people.”

However, BJP spokesperson GVL Narasimha Rao said, “Karti Chidambaram was arrested after months of investigation.