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Aircel- Maxis case: ED raids Karti Chidambaram's premises in Delhi, Chennai

Case pertains to FIPB nod in 2006 by then finance minister P Chidambaram; similar searches were conducted in December 2017, on Karti's relatives, others

Press Trust of India  |  New Delhi 

Karti Chidambaram, son of former Union minister P Chidambaram. Photo: PTI
Karti Chidambaram, son of former Union minister P Chidambaram. Photo: PTI

The (ED) today conducted searches at multiple premises linked to Karti Chidambaram, the son of leader P Chidambaram, in connection with its probe in the Aircel- Maxis case.

Official sources said the raids are being conducted in Delhi and Chennai since early morning.

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

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 approval granted by the then finance minister (P Chidambaram)".

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

The agency said approval in the Aircel-Maxis case was granted in March, 2006 by the then FM even though he was competent to accord approval on project proposals only up to Rs six billion and beyond that it required the approval of the Cabinet Committee on Economic Affairs (CCEA).

"In the instant case, the approval for of $800 million (over Rs 35 billion) was sought. Hence, was competent to grant approval.

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 10:46 IST