Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / Policy/  Aircel-Maxis case: ED raids Karti Chidambaram’s premises in Delhi, Chennai
BackBack

Aircel-Maxis case: ED raids Karti Chidambaram’s premises in Delhi, Chennai

Enforcement Directorate conducts search at multiple premises linked to Karti Chidambaram, son of P. Chidambaram, in connection with its money laundering probe in the Aircel- Maxis case

A file photo of Karti Chidambaram, the son of Congress leader P. Chidambaram. Photo: Hindustan TimesPremium
A file photo of Karti Chidambaram, the son of Congress leader P. Chidambaram. Photo: Hindustan Times

New Delhi: The Enforcement Directorate (ED) on Saturday conducted searches at multiple premises linked to Karti Chidambaram, the son of Congress leader P. Chidambaram, in connection with its money laundering probe in the Aircel- Maxis case.

Official sources said the raids are being conducted in Delhi and Chennai since early morning. The central probe agency, on 1 December last year, had conducted similar searches on the premises of a relative of Karti and others in this case.

The ED case pertains to the Foreign Investment Promotion Board (FIPB) approval granted in 2006 by the then finance minister P. Chidambaram.

The agency had said it is investigating “the circumstances of the said FIPB approval granted by the then finance minister (P. Chidambaram)".

The ED also alleged that Karti has “disposed" of a property in Gurgaon, which he had allegedly rented out to a multinational company “to whom foreign direct investment (FDI) approval had been granted in 2013".

It charged that Karti had “also closed certain bank accounts and attempted to close other bank accounts in order to frustrate the process of attachment" under the PMLA.

The agency said FIPB approval in the Aircel-Maxis FDI case was granted in March, 2006 by the then FM even though he was competent to accord approval on project proposals only up to Rs600 crore and beyond that it required the approval of the Cabinet Committee on Economic Affairs (CCEA).

“In the instant case, the approval for FDI of $800 million (over Rs3,500 crore) was sought. Hence, CCEA was competent to grant approval. “However, approval was not obtained from CCEA," it alleged.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 13 Jan 2018, 11:03 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App