Chidambaram arrested: What’s next?

Former Finance Minister P Chidambaram was arrested by the CBI on Wednesday night from his residence in connection with INX media corruption case after dramatic developments with the agency sleuths scaling walls to gain access to the bungalow in the high-end Jor Bagh locality of New Delhi.

The team of about 30 CBI sleuths accompanied by Delhi Police officials reached the Jor Bagh residence of Chidambaram and knocked at the doors for a few minutes before scaling the boundary wall to enter the premises.

The arrest took place hours after Chidambaram failed to get any immediate reprieve in the INX media case from the Supreme Court. A CBI spokesperson said Chidambaram has been arrested on the basis of a warrant issued by a competent court.

Chidambaram has been kept in No. 5 suite of the CBI Guest House on the ground floor of the agency headquarters, reports. He will be produced before a special CBI court on Thursday, where the agency will seek his remand.

Chidambaram’s counsels are trying to rescue him from being arrested and have approached the Supreme Court. Sources close to his son Karti Chidambaram were quoted as saying by India Today TV that the legal team will present their case in the Supreme Court based on 10 points.

The report said Chidambaram’s legal team may highlight the transactions under question are bona fide transactions, and in the normal course of business, it would have no relation to the Foreign Investment Promotion Board (FIPB) or any government processes.

“The team is likely to claim that the transactions are duly accounted, audited and disclosed in the books of all accounts and all the statutory returns are registered and repeatedly scrutinised by the Income Tax Department and other investigative agencies.”