INX Media money laundering case: ED opposes P Chidambaram's bail plea in SC

The ED on Thursday opposed in the Supreme Court the bail plea of senior Congress leader P Chidambaram in the INX Media money laundering case, claiming that he continues to wield "substantial influence" on crucial witnesses even from custody.

Solicitor General Tushar Mehta, appearing for the Enforcement Directorate (ED), told a bench headed by Justice R Banumathi that economic offences are grave in nature as they not only affect the nation's economy but also shake people's faith in the system.

Mehta told the bench, also comprising justices A S Bopanna and Hrishikesh Roy, that during the investigation, the ED has identified 12 bank accounts in which proceeds of crime were deposited and the agency also has details of 12 properties which were purchased in several foreign countries.

The apex court is hearing an appeal filed by 74-year-old Chidambaram challenging the Delhi High Court verdict denying him bail in the case.