The apex court bench, comprising Justices R. Banumathi, A.S. Bopanna, and Hrishikesh Roy, is expected to go through the three sealed envelopes submitted by the probe agency on Thursday before pronouncing its verdict.
Solicitor general Tushar Mehta, appearing for the ED, submitted that Chidambaram should be kept in custody as the case pertains to economic offences and the gravity of the offence has to be viewed from the impact it can have on the economy and society.
Mehta said the investigation was at a very crucial stage and Chidambaram should not be given any relief at the moment. The entire case is based on documents and material, creating a money trail to Chidambaram and his family, he said. Once the stay order on Karti Chidambaram’s arrest is lifted, the ED is going to arrest him as well, Mehta told the court.
Senior advocate Kapil Sibal, representing Chidambaram, however, countered the argument saying, “They cannot destroy a man’s career and reputation by making all these allegations that have no legal standing."
Senior advocate Abhishek Manu Singh, also appearing for Chidambaram, said: “If there are triple tests and other factors in my favour, then the gravity of offence cannot operate. Else, it will mean that I should be in jail for eternity."
On 15 May 2017, the CBI had registered an FIR against Chidambaram for alleged irregularities in the Foreign Investment Promotion Board clearance to INX Media for receiving overseas funds.