The mastermind behind the INX media case: P Chidambaram

Senior Congress leader P. Chidambaram was taken into custody by the CBI on Wednesday. He was taken to the agency's headquarters, as he was alleged of money laundering and corruption. He will remain in CBI custody for four days till 26th August, 2019. The case revolves around INX Media Company, which allegedly received foreign funding of Rs. 305 crores even though they had the permission to source only Rs. 4.62 crores in the form of shares. P. Chidambaram is accused of helping the INX Media founders escape justice after they violated foreign investment laws. The CBI lodged an FIR on 15th May 2017 reporting irregularities in the FIPB clearance given to INX Media. According to CBI, FIPB favored INX Media Group and told them to apply for a fresh FIPB approval despite violating FEMA guidelines. They suspect that the ex-finance minister P. Chidambaram has been instrumental in giving such clearances to four more international deals, receiving multi-crore payoffs through multiple shell firms.
-Jaya

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