INX Media case: ED attaches assets worth Rs 11.04 cr belonging to Karti Chidambaram, others

The Enforcement Directorate (ED) said on Tuesday that it has attached four properties in Karnataka's Coorg district worth Rs 11.04 crore belonging to Congress leader Karti P. Chidambaram and others in connection with the alleged INX Media money laundering case.

Proceedings under the Prevention of Money Laundering Act (PMLA) was initiated against Karti Chidambaram, Advantage Strategic Consulting Pvt. Ltd. (ASCPL), and others by the ED by recording an ECIR on the basis of an FIR registered by the Central Bureau of Investigation (CBI) for commission of offences punishable under various sections of the Indian Penal Code and Prevention of Corruption Act.

During investigation, the ED learnt that illegal gratification (proceeds of crime) was received directly and indirectly from INX Media Pvt Ltd, to which FIPB approval was granted by then Union minister P. Chidambaram, through several shell companies controlled by his son Karti Chidambaram.

"Illegal gratification was received in the company of the accused in the name of providing consultancy by the entities of INX Media. The total proceeds of crime laundered over a period of time was Rs 65.88 crore," the ED said.

The money was routed to overseas accounts and investments were made in various overseas properties and shares of companies through various shell companies directly or indirectly controlled by Karti Chidambaram and through his confidants.