New Delhi, Feb 26 (.) The Enforcement Directorate (ED) on Thursday said that it has placed the prosecution sanction order, received from the competent authority, against former union Finance Minister P. Chidambaram in the PMLA case of INX Media Private Limited before a Special PMLA Court.
The ED initiated a PMLA investigation in the matter based on an FIR registered by the Central Bureau of Investigation against INX Media Pvt. Ltd., INX News Pvt. Ltd., Karti P. Chidambaram and others for offences punishable under Section 120-B read with Section 420 of the Indian Penal Code, 1860, and Sections 8, 13(2) and 13(1)(d) of the Prevention of Corruption Act.
“Investigation has revealed that Foreign Investment Promotion Board (FIPB) approval was granted to INX Media Pvt. Ltd. during the tenure of P. Chidambaram. It was further revealed that, in consideration for granting and subsequently regularising the FIPB approval, illegal gratification was allegedly demanded and received through entities beneficially owned or controlled by Karti P. Chidambaram.
The investigation revealed that such amounts were routed through shell companies, including Advantage Strategic Consulting Pvt. Ltd. (ASCPL) and associated entities, which were under the direct or indirect control and beneficial ownership of Karti P. Chidambaram,” the ED said.
The ED further stated that these funds were layered and integrated through investments in shares of Vasan Health Care Pvt. Ltd. and AGS Health Care Pvt. Ltd., and subsequently multiplied through the sale of shares and overseas investments.
The official said the investigation revealed that Karti P. Chidambaram and his close associates acted on behalf of P. Chidambaram, interacted with officials of INX Media in connection with FIPB approval matters, and collected proceeds of crime arising therefrom. The proceeds were subsequently routed through shell companies incorporated for the purpose of laundering, layered through complex transactions across multiple jurisdictions without any genuine business activity, and structured to conceal the money trail.
The funds were thereafter utilised for deposits in bank accounts and for investments in movable and immovable properties in India and abroad in the names of shell entities and associates. The total proceeds of crime have been quantified at approximately Rs 65.88 crore.
Proceeds of crime amounting to Rs 53.93 crore and Rs 11.04 crore have been provisionally attached under the provisions of the PMLA, and both attachment orders have been confirmed by the Adjudicating Authority.
Subsequently, a chargesheet under Sections 44 and 45 sections 3 and 4 of the PMLA was filed before the Rouse Avenue Court in 2020, and cognisance was taken in 2021. Thereafter, a supplementary chargesheet was filed in 2024. . ATK KK