ED attaches Karti Chidambaram’s properties worth Rs 11 crore INX Media Case

In yet another major blow, the Enforcement Directorate has attached properties worth 11 crore belonging to Karti Chidambaram in connection with the INX Media money laundering case. The ED informed in a press release on Tuesday that a total of four properties, which includes three movable and one immovable property located in Karnataka's Coorg district, have been attached under the provisions of the Prevention of Money Laundering Act, 2002. As per the agency, proceedings under the PMLA were initiated against Karti Chidambaram, M/s Advantage Strategic Consulting Pvt Ltd (ASCPL) and others by the ED.

The proceedings were initiated by recording an ECIR on the basis of an FIR registered by the Central Bureau of Investigation (CBI) for the commission of offences punishable under various sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988.During the investigation conducted by ED, it was revealed that illegal gratification (proceeds of crime) was received directly and indirectly from M/s INX Media Pvt. Ltd., to which accused P Chidambaram had granted FIPB approval, through several shell companies controlled/beneficially owned/used by another accused Karti Chidambaram. As per the agency, the Illegal gratification was received in the company of the accused in the name of providing consultancy by entities from INX Media. "The total proceeds of crime laundered over a period of time is Rs 65.88 Crore. The money was routed to overseas accounts and investment was made in various overseas properties and shares of companies through various shell companies directly or indirectly controlled by Karti Chidambaram and through his confidants," the agency stated.