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FDI cheating case booked against Karti

The Economic Offences Unit of Central Bureau of Investigation, New Delhi, has registered a criminal case against Karti P Chidambaram, son of Senior Congress learder P Chidambaram, for influencing the Ministry of Finance in favour of a private company in getting foreign direct investment without the approval of Foreign Investment Promotion Board (FIPB).

FDI cheating case booked against Karti
Karti Chidambaram interacts with the media, while CBI sleuths conduct raids on his house


CBI sleuths on Tuesday carried out raids at the residential and business premises of Karthi and P Chidambaram in the state. The CBI has named INX Media (P) Ltd, INX News (P) Ltd, Chess Management Services (P) Ltd owned by Karti, Advantage Strategic Consulting (P) Ltd and unknown officials of Ministry of Finance in its FIR. 

According to CBI, Karti was accused of influencing Ministry of Finance officials in connivance with his father P Chidambaram to allow INX Media (P) Ltd to do a downstream investment in INX News (P) Ltd and raise Rs 305 crore without the approval of Foreign Investment Promotion Board (FIPB). Meanwhile, The CBI did not rule out the arrest of Karti. “These are speculations. All the steps required as per law would be decided in course of time,” CBI Joint Director Vineet Vinayak told media in New Delhi. 

Centre targeting my son to silence me: P Chidambaram

Senior Congress leader P Chidambaram alleged that the Centre was using investigating agencies to target his son to ‘silence’ his voice against the government. Chidambaram said FIPB approval was granted in ‘hundreds of cases’. Everything was in accordance with the recommendations of the FIPB consisting of five secretaries, he said, adding there was no allegation against any of them.

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