INX media case: ED links Karti Chidambaram's four properties worth Rs 11.04 crore with INX Media money laundering case

Karti Chidambaram

In connection with the INX Media money laundering case, the Directorate of Enforcement (ED) has attached four properties valued at Rs 11.04 crore belonging to Karti Chidambaram, according to a report by ANI.

The ED commenced proceedings against Karti Chidambaram, Advantage Strategic Consulting Pvt Ltd (ASCPL) and others under the PMLA.

ECIRs were recorded for several offences punishable under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, based on FIRs registered by the Central Bureau of Investigation (CBI).

According to the ED, illegal gratifications (proceeds of crime) were received both directly and indirectly from M/s INX Media Pvt Ltd, for which accused P Chidambaram had granted FIPB approval, via several shell companies controlled/beneficially owned/used by another accused Karti Chidambaram, according to the report.

An entity from INX Media provided consultancy services to the accused, resulting in illegal gratification.

"The total proceeds of crime laundered over a period of 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 Chidambaram and through his confidants," the agency stated.

(With Inputs from ANI)