ED to probe more cases against P Chidambaram on FIPB clearances (Update)

Sun Online Desk

22nd August, 2019 12:14:35 printer

ED to probe more cases against P Chidambaram on FIPB clearances (Update)


The Enforcement Directorate (ED) on Wednesday decided to widen its money-laundering probe against former Indian finance minister P Chidambaram as it suspects his role in granting allegedly illegal Foreign Investment Promotion Board (FIPB) clearances to at least four more business deals.

Prior to his arrest, Chidambaram on Wednesday claimed he had not been accused of any wrongdoing in the INX Media case nor he and his family members had been chargesheeted in the case. Experts believe that fearing the current case against the former minister might lead to the failure of judicial scrutiny, the ED decided to widen the ambit of its probe, reports Deccan Chronicle.

The Central probe agencies are already investigating the former finance minister for the alleged corruption in two business deals — one involving INX Media and the other involving Aircel-Maxis.

Sources said the ED has come across evidence where alleged illegal deposits of over Rs 300 crores were made in a single shell firm after purported kickbacks were received by Chidambaram and his son Karti Chidambaram in lieu of granting illegal FIPB and Foreign Direct Investment (FDI) approvals.