STOCK MARKET BSE NSE

INX Media case: Delhi court to hear bail plea of Karti Chidambaram's CA tomorrow 

The CA was sent to jail on February 26 on expiry of his custodial interrogation by the Enforcement Directorate (ED), which had arrested him on February 16 from a five-star hotel.

Published: 28th February 2018 06:29 PM  |   Last Updated: 28th February 2018 06:29 PM   |  A+A-

Karti Chidambaram (File | PTI)

By PTI

NEW DELHI: Karti Chidambaram's chartered accountant S Bhaskararaman, arrested in the INX Media money laundering case, has moved a plea seeking bail before a Delhi court, which is likely to hear it tomorrow.

The application filed by Bhaskararaman, who is presently in judicial custody, was filed before Special Judge Sunil Rana, seeking bail on the ground that he was not required for custodial interrogation and no purpose would be served by keeping him in custody.

The CA was sent to jail on February 26 on expiry of his custodial interrogation by the Enforcement Directorate (ED), which had arrested him on February 16 from a five-star hotel in the heart of the national capital.

Karti's name had cropped up in the case relating 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.

The ED had earlier claimed that during the course of investigation, it was revealed that Bhaskararaman had been assisting Karti to manage his "ill-gotten wealth" in India and abroad.

The agency had said the investigation required the presence of the CA for collecting vital evidence and other information which was within his special knowledge and exclusive domain.

It had 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 some foreign investors, and generated Rs 305 crore foreign direct investment in INX Media Pvt Ltd against the approved foreign inflow of Rs 4.62 crore.

To wriggle out of the situation without any punitive action, INX Media entered into a criminal conspiracy with Karti, the ED had alleged.

The FIPB unit of the finance ministry had not only granted illegal approval but also misinformed the investigation wing of the Income Tax Department, it had alleged.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp