INX Media case: ED seizes Karti Chidambaram’s property worth Rs. 11.04 Cr in Karnataka’s Coorg
ED said illegal gratification was received in the company of the accused in the name of providing consultancy by the entities from INX Media
By Newsmeter Network Published on 19 April 2023 3:19 AM GMT
Karnataka: Enforcement Directorate (ED) has attached three movable and one immovable property of Karti P Chidambaram and others in the INX Media case under the Prevention of Money Laundering Act.
Valued at Rs. 11.04 crore, the properties are situated in Coorg district, Karnataka.
Proceedings under the Prevention of Money Laundering Act, 2002 were initiated against Karti P. Chidambaram, Advantage Strategic Consulting Pvt. Ltd. (ASCPL), and others by the ED by recording an ECIR based on FIR registered by the Central Bureau of Investigation (CBI) for the commission of offences punishable under various sections of the Indian Penal Code, 1860 and Prevention of Corruption Act, 1988.
During the investigation conducted by ED, it is revealed that illegal gratification (proceeds of crime) was received directly and indirectly from INX Media Pvt.Ltd, to which accused P. Chidambaram had granted FIPB approval, through several shell companies controlled / beneficially owned/used by another accused Karti P. Chidambaram.
ED said illegal gratification was received in the company of the accused in the name of providing consultancy by the entities from INX Media. The total proceeds of crime laundered over some time is Rs 65.88 Crore. The money was routed to overseas accounts and investment was made in various overseas properties and shares of companies through various shell companies directly or indirectly controlled by Karti P Chidambaram and through his confidants.
"Further Investigation is under process," ED said.
