Delhi court adjourns hearing for July 9 in INX Media money laundering case

Delhi's Rouse Avenue Court on Tuesday adjourned the hearing in the INX Media money laundering case against former finance minister P Chidambaram, his son Karti and others.

The matter is being heard by Special CBI Judge M K Nagpal. The matter was adjourned en bloc till July 9 as the courts are currently hearing urgent matters only.

The court had recently issued summons to P Chidambaram and others in the INX Media case including several firms which were named in the chargesheet.

Special Judge MK Nagpal, while taking the cognizance on the ED Chargesheet said, "I find sufficient material and grounds for proceeding further in the matter against all the ten accused persons named in the complaint, out of which six accused are companies, for the commission of offence under Section 3 read with Section 70 of the PMLA, which is punishable under Section 4 of the said Act."

The Court also noted that the extensive arguments advanced by Amit Mahajan, Central Government standing counsel, and N. K. Matta, Special PP for Directorate of Enforcement and have also carefully perused the entire record of the case.

Enforcement Directorate, in June 2020, had filed a prosecution complaint (chargesheet) in the INX Media money laundering case involving P Chidambaram and others in the Rouse Avenue Court.

The INX Media Money laundering case involves P Chidambaram with the allegation of irregularities in foreign exchange clearance given to INX Media group for receiving overseas investments in 2007. Chidambaram's son Karti Chidambaram, who is currently a sitting Member of parliament, is also an accused in the matter.

Besides Chidambaram, the charge sheet also names Karti's chartered accountant S Bhaskararaman and others.

Accused P Chidambaram and S Bhaskararaman were arrested during the investigation of the case and both are presently on bail.

Earlier, CBI had registered its case on May 15, 2017, alleging irregularities in a Foreign Investment Promotion Board clearance granted to INX Media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as finance minister. Thereafter, the ED had lodged a money laundering case.

The case pertains to FIPB clearance given to INX Media to the tune of Rs 305 crore when P Chidambaram was the finance minister. The economic offences watchdog had registered a PMLA (Prevention of Money Laundering Act) case based on FIR by the CBI and alleged that irregularities took place in the FIPB clearance to INX Media.

( With inputs from ANI )