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ED raids Karti, associates in money laundering case

Press Trust of India  |  New Delhi 

The (ED) today conducted searches at ten premises linked to Chidambaram, including the residence of his father and in Delhi, in connection with its probe in the Aircel-case.

The raids were initiated early morning in nine premises in and at the Jorbagh residence of senior Chidambaram in south Delhi, official sources said.

Those searched include a linked to Karti, his and Karti's residence at Thousand Lights area in Chennai, they said.

The sources said that certain "incriminating" documents have been seized during the raids.

termed the raids against his son "a comedy of errors" and claimed the officers were left "embarrassed" and "apologetic" as they could not find anything at his house.

He was speaking to outside his Jorbagh residence here.

The central probe agency had, on December 1 last year, conducted similar searches on the premises of a relative of and others in this case.

"Since they had the search warrant, I did not raise any objections to the search but I said I will record my protest that there is no FIR in respect of the scheduled crime registered by any investigating agency including the CBI.

"There are obviously no proceeds of crime and the ED has no jurisdiction under the Prevention of Act (PMLA)," told reporters.

However, ED sources said their action is based on the FIR registered by the agency and the CBI in the case that has not been quashed by the court.

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

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

The ED also alleged that 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 had "also closed certain bank accounts and attempted to in order to frustrate the process of attachment" under the PMLA.

The agency said FIPB approval in the Aircel-FDI case was granted in March, 2006 by the then even though he was competent to accord approval on project proposals only up to Rs 600 crore and beyond that it required the approval of the (CCEA).

"In the instant case, the approval for FDI of 800 million USD (over Rs 3,500 crore) was sought. Hence, CCEA was competent to grant approval.

"However, approval was not obtained from CCEA," it alleged.

is also being probed by the ED in an another money laundering case pertaining to the deal.

He has been asked to appear by the agency on January 16 in this case.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 15:15 IST