He has been asked to furnish a bond of Rs 10 lakh.

Karti Chidambaram granted conditional bail by Delhi HC in INX Media Case
news INX Media Case Friday, March 23, 2018 - 14:47

Karti Chidambaram, son of former Finance Minister P Chidambaram was granted conditional bail by the Delhi High Court on Friday in the INX Media Case.

According to ANI, he cannot close bank accounts, influence witnesses or leave the country. Karti has to furnish a bond of Rs 10 lakh.

The Central Bureau of Investigation is investigating allegations of Karti taking money from former media baron Indrani Mukherjea, for getting Foreign Investment Promotion Board (FIPB) clearance to INX Media -- now renamed 9X Media -- when his father was the Finance Minister.

He was arrested by the CBI in Chennai on February 28 after several raids were conducted in offices and residences.

On March 9, the Enforcement Directorate approached the Supreme Court against the Delhi High Court order which asked the ED not to take "any coercive action" against him till the next hearing of the case slated for March 20. This was then postponed to March 26.

Karti is alleged to have received Rs 3.5 crore from Mumbai-based INX media for helping it get the FIPB clearance when it was run by the Peter and Indrani Mukherjea - both accused in the Sheena Bora murder case.

The ED, which is probing financial misappropriation in the case, has contended that Mukerjeas "allegedly siphoned off 90 million pounds and the money is suspected to have gone to foreign countries through hawala routes".

Following the FIPB clearance, INX Media said it had received Foreign Direct Investment (FDI) of Rs 46.20 million, but actually received Rs 3,053.60 million between August 2007 and May 2008, the ED said.

Accordingly, this excess foreign exchange equivalent to Rs 3,004.40 million, beyond the disclosed permitted foreign investment, was received by INX Media from three Mauritius-based investors, said the ED.

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