Why Karti Chidammbaram arrested, what's CBI's next move

Why Karti Chidammbaram arrested, what’s CBI’s next move

The CBI arrested Karti Chidambaram, the son of former finance minister P Chidambaram, from Chennai on Wednesday for allegedly taking bribes to get clearance for TV venture INX Media to access foreign investment.

Karti Chidambaram was arrested on Wednesday from Chennai airport, moments after he landed after a visit to the UK. He is accused of clearing foreign investments worth around Rs. 300 crore in television company INX Media in exchange for bribes back in 2007.

An FIR filed by the CBI on May 15 last year had alleged irregularities in the FIPB clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was the Union finance minister.

It is alleged Karti had received funds to the tune of Rs 10 lakh in the case, they said. The ED has also registered a money laundering case.

CBI had contended that there were “good, cogent” reasons for issuing of LOCs dated June 16, 2017 and July 28, 2017 and had submitted some documents in sealed cover saying Karti’s case was not simple as it involves jugglery of accounts and property abroad.

Karti and his father had denied the allegations, saying there was no wrong-doing in the grant of FIPB approval to INX media.

Meanwhile, there is a buzz that Chidambaram may be arrested.