ED moves to prosecute ex-FM P Chidambaram in money laundering case
India’s anti-money laundering agency, the Enforcement Directorate (ED), launched an investigation under the Prevention of Money Laundering Act, 2002 based on an FIR filed by the Central Bureau of Investigation (CBI) in May 2017.
PTC News Desk: The Enforcement Directorate placed a prosecution order against former Finance Minister P Chidambaram in connection with the money laundering case of INX Media Pvt Ltd before the special Delhi PMLA court to expedite the trial in the matter.
India’s anti-money laundering agency, the Enforcement Directorate (ED), launched an investigation under the Prevention of Money Laundering Act, 2002 based on an FIR filed by the Central Bureau of Investigation (CBI) in May 2017. The FIR named INX Media Pvt Ltd, INX News Pvt Ltd, Karti P. Chidambaram and others.
The case involves alleged offences under Section 120-B (criminal conspiracy) read with Section 420 (cheating) of the Indian Penal Code, 1860, along with Sections 8, 13(2) and 13(1)(d) of the Prevention of Corruption Act, 1988.
According to investigators, the now-defunct Foreign Investment Promotion Board (FIPB) granted approval to INX Media when P. Chidambaram was serving as Finance Minister. The probe allegedly found that illegal gratification was demanded and received in exchange for granting and later regularising this approval.
Authorities claim the alleged payments were routed through entities beneficially owned or controlled by Karti P. Chidambaram, who is the former finance minister’s son. The investigation is part of a broader probe into suspected financial irregularities linked to foreign investment approvals.