ED places before court prosecution sanction orders against P. Chidambaram in two cases

Mr. Chidambaram and his son Karti P. Chidambaram have always refuted the charges in these cases, alleging a politically motivated witch-hunt.

Through a press release, the ED alleged, “…investigation has revealed that Foreign Investment Promotion Board (FIPB) approval was granted to M/s INX Media Pvt. Ltd. during the tenure of Shri P. Chidambaram as the Union Finance Minister… It was further revealed that, in consideration for granting and subsequently regularising FIPB approval, illegal gratification was demanded and received through entities beneficially owned/controlled by Shri Karti P. Chidambaram…”

The second release alleged: “…an investigation has revealed that the then Finance Minister Sh. P. Chidambaram has granted FIPB approval to Aircel Maxis in lieu of the quid pro quo.”

“In the Aircel Maxis Deal, the foreign investor (Maxis) applied for approval of the Government for FDI of $800 Million (₹3,565.91 crore), for which the competent authority for approval was the Cabinet Committee on Economic Affairs (CCEA). However, as part of a larger conspiracy, approval was fraudulently and dishonestly granted by the then Finance Minister Shri P. Chidambaram on March 20, 2006, who was competent to consider and approve FDI proposals involving total investment of ₹600 crore or less,” it alleged.

“Investigation has revealed that illegal gratification of ₹1.16 crores was received by Karti P. Chidambaram in his companies M/s Advantage Strategic Consulting Private Limited (ASCPL) and M/s Chess Management Services Private Limited (CMSPL),” alleged the release.