ED, CBI point to four more ‘illegal’ FIPB approvals under Chidambaram

Probe agencies said all information regarding offshore assets through Letter Rogatory (LR) issued to several foreign countries to obtain judicial assistance had been collected

Current Affairs: Investigation by probe agencies has revealed irregularities in foreign investment clearances given by former finance minister P Chidambaram to four other companies, besides INX Media group and Aircel-Maxis, according to officials in the know.

Evidence collected by the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) indicates kickbacks received by shell companies allegedly floated by the former FM’s son Karti P Chidambaram when approvals were granted by the erstwhile Foreign Investment Promotion Board (FIPB).

Other four firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM.

The CBI is investigating cases of illegal FIPB approvals by P Chidambaram in lieu of kickbacks paid to various shell companies floated by Karti Chidambaram in the name of his employees and other business associates, an official at a probe agency said. ED is specifically probing the money laundering aspects…

INX Media case: CBI arrests former FM Chidambaram amid high drama

At his press conference, Chidambaram said neither he nor any member of his family had been accused of any offence in the INX Media case

A day of courtroom drama and claims by probe agencies that he was evading arrest culminated with former finance minister P Chidambaram dramatically surfacing at the Congress headquarters to address the media on Wednesday evening, and his arrest little more than an hour later at 9.45 pm from his south Delhi home.

The Central Bureau of Investigation (CBI) will produce the senior Congress leader before a CBI special court within 24 hours, likely by Thursday afternoon, and the agency is set to seek his 14-day custody. Sources said he would be questioned on Wednesday night as well. After the CBI, the Enforcement Directorate (ED) would seek Chidambaram’s custody for a money-laundering probe, an ED official said.

The CBI and the ED are investigating money-laundering and corruption charges against P. Chidambaram — and the role of his son, Karti — in granting Foreign Investment Promotion Board (FIPB) clearances to the INX Media group and five other companies in 2007, when he was finance minister of the country.

At his press conference, Chidambaram said neither he nor any member of his family had been accused of any offence in the INX Media case. He said there was no charge sheet filed by either the CBI or the ED before a competent court. “Moreover, the FIR recorded by the CBI does not impute to me any wrongdoing. Yet, there is a widespread impression that grave offences have been committed, and my son and I have committed those offences. Nothing can be further from the truth. These are lies spread by pathological liars,” he said.

Chidambaram faces arrest after Delhi HC denies him anticipatory bail

Chidambaram was the finance minister in the United Progressive Alliance government’s first term when INX Media’s FIPB proposal was cleared

The Delhi High Court (HC) on Tuesday denied anticipatory bail and protection from immediate arrest to former finance minister P Chidambaram in a case related to alleged discrepancies in granting Foreign Investment Promotion Board (FIPB) clearances to the INX Media group.

Late in the evening, officials of the Central Bureau of Investigation (CBI) raided Chidambaram’s residence in Jor Bagh here, but the Congress leader was not present. Enforcement Directorate (ED) officials, too, came searching for him.

After the high court denied relief to Chidambaram, he met Congress leaders and senior advocates Kapil Sibal, Abhishek Manu Singhvi and Salman Khurshid in the Supreme Court to deliberate on the further course of action. Based on the directions of a Supreme Court official, the former finance minister is likely to seek an urgent hearing from the Supreme Court in the matter on Wednesday. Following the development, Chidambaram stayed away from the media, even as the Congress called the probe agencies’ action against him a “political vendetta”.

Farmers’ debt, not income, doubled in the 5 years of Modi govt: Chidambaram

Jobs is the number one issue in the country and 400,000 vacant posts in the government will be filled when the Congress comes to power, he said

Politics News: Not ranchers’ pay but rather their obligation multiplied over the most recent five years of the Modi government, previous money serve P Chidambaram asserted Saturday. The Congress chief additionally communicated certainty that his gathering and its coalition accomplices will keep up lead over the BJP toward the finish of the fifth period of surveying on Monday. “Ranchers’ salary will be multiplied (if the Congress comes to control). Over the most recent five years, ranchers’ pay has not multiplied but rather their obligation has multiplied,” Chidambaram told journalists here.

Employments is the main issue in the nation and 400,000 empty posts in the legislature will be filled when the Congress comes to control, he said. Chidambaram said another issue is ranchers’ pain. “I can’t locate a solitary rancher in the nation today who can say that his life is preferred today over the life in 2014,” the Congress chief said.

He affirmed that the administration had discounted colossal measures of industrialists, however has no cash for ranch credit waiver. On the possibilities of his gathering in the general decisions, Chidambaram said the Congress and its collusion accomplices are in front of the BJP in the nation. “Congress and its collusions are in front of the BJP. Toward the finish of the fifth period of race, we are sure that our union will keep up a lead over the BJP’s coalitions,” he said…

I-T raids being planned at my house to cripple poll campaign: Chidambaram

He said the people of the country were watching and would give a befitting reply in this election

Elections 2019: Senior Congress leader P Chidambaram Sunday alleged that the government was planning Income Tax raids at his residence in a bid to cripple the Lok Sabha election campaign. He said the people of the country were watching and would give a befitting reply in this election.

Senior Congress leader P Chidambaram Sunday alleged that the government was planning Income Tax raids at his residence in a bid to cripple the Lok Sabha election campaign. He said the people of the country were watching and would give a befitting reply in this election. “I have been told that the I-T Department has plans to raid my residence in Sivaganga constituency and in Chennai. We will welcome the search party,” he said on Twitter.

“The I-T department knows that we have nothing to hide. They and other agencies have searched our residences before and found nothing. The intention is to cripple the election campaign,” he claimed. The former finance minister said the people are watching the “excesses of this government and will deliver a fitting lesson in the elections”. Chidambaram’s son Karti Chidambaram is contesting the Sivaganga Lok Sabha constituency in Tamil Nadu. He is facing charges of corruption and is out on bail.

INX Media case: HC grants P Chidambaram interim protection till July 3

Justice A K Pathak asked Chidambaram to join and cooperate in the questioning session as and when called by the CBI

The Delhi High Court on Thursday granted former Union minister P Chidambaram interim protection from arrest till July 3 in the Central Bureau of Investigation's INX Media corruption case.

Justice A K Pathak asked Chidambaram to join and cooperate in the questioning session as and when called by the CBI.

The court also sought the investigating agency's response on the Congress leader's anticipatory bail plea and listed the matter for further hearing on July 3.

Additional Solicitor General Tushar Mehta, appearing for the CBI, opposed the anticipatory bail plea saying he was merely called for questioning.

Chidambaram had on Wednesday rushed to a trial court for protection from arrest in Aircel-Maxis case before approaching the Delhi High Court in connection with the INX Media case, in which he has been asked by probe agencies to join investigations.

Chidambaram's role has come under the scanner of investigating agencies in the Aircel-Maxis deal of Rs 35 billion and INX Media case involving Rs 3.05 billion. It was during his tenure as finance minister in the UPA-1 regime that FIPB clearance was granted to the two ventures in which alleged irregularities have been found.

In the INX Media case, the CBI had registered an FIR on May 15, 2017, against alleged irregularities in the FIPB clearance to INX Media for receiving overseas funds to the tune of Rs 3.05 billion in 2007 when Chidambaram was finance minister.

Chidambaram's son Karti Chidambaram was also arrested in the matter for allegedly receiving funds to the tune of Rs 1 million in the case.

The other accused in the case include then INX Media Director Indrani Mukerjea and then INX News Director Peter Mukerjea.

FM Arun Jaitley hits back, calls Yashwant Sinha 'job applicant at 80'

In a newspaper article on Wednesday, Sinha had criticised Jaitley for running the economy aground

 

On Thursday, a day in the wake of getting fire from party associate Yashwant Sinha, Finance Minister (FM) Arun Jaitley portrayed his ancestor as "a vocation candidate at 80".

At the arrival of a book, India @70 Modi @3.5, the FM stated, "Likely, a more fitting title for the book would have been India @70, Modi @3.5 and a vocation candidate @ 80."

Ceasing from taking names, he blamed Sinha for acting working together with previous back clergyman P Chidambaram in condemning him.

Jaitley, who is confronting feedback for directing the economy to slip to its slowest pace of development in three years, said he had done a little research to haul out what Sinha and Chidambaram needed to say in regards to each other previously. "One said of the other: Chidambaram should be conceived again to coordinate my record as back priest. He at that point connected fund serve Chidambaram to a bumbling specialist for neglecting to control India's disturbing financial deficiency. And afterward went on and said I blame him for running the economy down to the ground," he said in a clear reference to remarks made by Sinha.

Sinha, he stated, had blamed Chidambaram for being "the most vain individual" who bothered his telephones.(economy policy)

Not to be abandoned, Chidambaram had called Sinha's residency amid the Atal Bihari Vajpayee government as the "most noticeably bad years since advancement", he reviewed.

Jaitley said he didn't have the extravagance so far of being a previous back clergyman (Sinha) nor did he have the advantage of being a previous fund serve who has turned a reporter (Chidambaram). Being a previous back priest, "I can advantageously overlook a strategy loss of motion (amid UPA-II). I can advantageously overlook the 15 for each penny NPAs of 1998 and 2002 (amid Sinha's term as back clergyman). I can helpfully overlook the $4-billion hold left in 1991 and I can switch over and change the account."

READ MORE 

CBI raids on Karti Chidambaram: Plot decoded and some unanswered questions

FIR only focusses on unnamed officials of finance ministry and doesn’t name former FM as an accused

The Central Bureau of Investigation on Tuesday raided 16 properties linked to Karti P Chidambaram, son of former Union Finance Minister P Chidambaram, in Chennai, Mumbai, Delhi and Gurugram. The raids are related to foreign investment clearances approved by the Centre’s Foreign Investment Promotion Board to media firms in 2007 during the United Progressive Alliance rule.

The First Information Report, which facilitated the raids, was filed in Delhi on Monday. The firms under scanner, INX Media Private Limited and INX News Private Limited, had Indrani Mukherjea and Peter Mukherjea as former directors. The two are currently in prison on charges of killing their daughter Sheena Bora in April 2012. Their bunglow in Mumbai was also raided.

Apart from the three, the FIR names Padma Vishwanathan as director of Advantage Strategic Consulting, “unknown officials” of the Ministry of Finance and “other unknown persons”. Chess Management Services, a firm in which Karti Chidambaram was a director during the alleged transactions, also finds a mention.

The plot

The Foreign Investment Promotion Board is an “inter-ministerial body, responsible for processing Foreign Direct Investment proposals and making recommendations for government approval”.

According to the FIR, INX Media approached the Board for foreign investment clearances on March 13, 2007. The investment was to be raised through allotment of shares to three companies – Dunearn Investments (Mauritius) Private Limited, NSR-PE Mauritius Private Limited and New Vernon Private Equity Limited. The shares were to be issued at a face value of Rs 10 each.

The foreign funding was sought to promote and run television channels in both English and regional languages.

In the application, INX Media also expressed its intention to allot 26% of the investment raised to INX News Private Limited and sought permission for the same.

Unanswered questions

While the CBI has named Karti Chidambaram and has gone after him with the raids, the investigating agency chose to remain mysteriously silent on the identity of officials, which it chose to mention as “unknown”.

According to the FIPB’s website, the board consists of the following officials:

• Secretary to Government, Department of Economic Affairs, Ministry of Finance – Chairperson.
• Secretary to Government, Department of Industrial Policy & Promotion, Ministry of Commerce & Industry.
• Secretary to Government, Department of Commerce, Ministry of Commerce & Industry.
• Secretary to Government, Economic Relations, Ministry of External Affairs.
• Secretary to Government, Ministry of Overseas Indian Affairs.

Apart from the above mentioned, the FIPB can co-opt any secretary in the government to process an application. (READMORE…)

Full text: Govt using CBI to target my son, alleges Chidambaram post raids

Chidambaram alleged that the Modi govt was trying to muzzle his voice

Former Union minister P Chidambaram said that Tuesday’s Central Bureau of Investigation (CBI) raids at his and his son, Karti Chidambaram’s, residences were an attempt by the Modi government to muzzle his voice.

While no official word has come from the CBI, sources have said that the raids were conducted in connection with the Aircel-Maxis probe, where Chidambaram’s role as then finance minister in granting Foreign Investment Promotion Board (FIPB) approval to the deal has been called into question. Recently, the Enforcement Directorate (ED) had also searched Chidambaram’s house.

In his official statement regarding the Tuesday morning raids, Chidambaram said that the Modi government was using the CBI and other agencies to target his son. The Congress leader alleged that the government was trying to silence his voice and stop him from writing against its policies and actions.

“FIPB approval is granted in hundreds of cases,” the statement said, adding, “Every case was processed according to law and approval was granted or refused in accordance with the recommendations of the FIPB consisting of five secretaries to the Government of India.”

Below is the full text of his official statement:
FIPB approval is granted in hundreds of cases. The five Secretaries who constitute the FIPB, the officials of the FIPB Secretariat and the competent authority in each case are the public officials. There is no allegation against any of them. There is no allegation against me.

Every case was processed according to law and approval was granted or refused in accordance with the recommendations of the FIBP consisting of five Secretaries to the Government of India.

The government, using the CBI and other agencies, is targeting my son and his friends. The government’s aim is to silence my voice and stop me from writing, as it has tried to do in the cases of leaders of Opposition parties, journalists, columnists, NGOs and civil society organizations. All I will say is, I shall continue to speak and write. |READMORE…

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