Son of former Finance Minister P Chidambaram arrested by CBI
In connection with its probe in the INX media case, son of former Finance Minister P Chidambaram arrested by CBI: The CBI on Wednesday arrested Karti Chidambaram, son of former Finance Minister P Chidambaram, officials here said. Karti was arrested at Chennai airport at around eight in the morning when he returned from the United Kingdom, they said. Karti’s name had cropped up in the case, which relates to Foreign Investment Promotion Board (FIPB) approval granted in 2007 for receipt of funds by INX Media when his father and senior Congress leader P Chidambaram was the Union Finance Minister during the previous UPA regime. It has been alleged that INX Media had deliberately and in violation of the conditions of the approval made a downstream investment of 26 per cent in the capital of INX News Pvt Ltd. without specific approval of FIPB, which included indirect foreign investment by same foreign investors, and had generated Rs 305 crore foreign direct investment in INX Media Pvt Ltd. against the approved foreign inflow of Rs 4.62 crore.
