INX Media Case: Document Recovered By ABP News Proves Payment Of Rs 11 Lakh For FIPB Approval

As per the document, Karti Chidambaram’s company was paid Rs 11,23,600 in return for favour of getting an approval by the FIPB. The payment was done on June 26.

INX Media Case: Document Recovered By ABP News Proves Payment Of 11 Lakh For FIPB Apporval
By: ABP News Bureau
Updated: 24 Aug 2019 02:34 PM
New Delhi: In what may shoot up the troubles for former finance minister P Chidambaram who is in the remand of Central Bureau of Investigation (CBI), a document which proves that Karti Chidambaram’s company received money in return of approval by Foreign Investment Promotion Board (FIPB), has been recovered by ABP News.

As per the document, Karti Chidambaram’s company was paid Rs 11,23,600 in return for favour of getting an approval by the FIPB. The payment was done on June 26.


As per the former head of legal and regulatory affairs and government relations of INX Media Ajay Kishore Sharma’s statement, the recovered documents clearly states that the amount was paid for FIPB related work.

Ajay quit INX Media in October 2009.

As per the documents, Sharma confirmed that the payment bill of ASCPL raised in the name of INX Media for Rs 11,23,600 was related to FIPB work.



Violations in INX Media deal not brought to notice of FIPB: D Subbarao told ED

Former DEA secretary D Subbarao had told investigators probing the INX Media money laundering and corruption case that "violations" in the deal approving FDI for the company were not brought to the notice of the FIPB, reveal official records.

Other senior officials, who were responsible for the Foreign Investment Promotion Board (FIPB) affairs at the time of this deal, had also said in their statements to probe agencies that violation of the Foreign Direct Investment (FDI) rules should have been referred to the RBI rather than being summarily approved.

The deal is being probed by the ED and the CBI on charges of alleged money laundering and corruption respectively. Former finance minister P Chidamabram has been arrested by the CBI in this case.

"The FIPB unit should have confirmed from the company if indeed downstream investment has been made in INX News Pvt Ltd," Subbarao, a 1972 batch IAS officer of the Andhra Pradesh cadre, said in his statement to the ED.

If the fact of downstream had been confirmed, it constituted a violation of the FIPB guidelines, the FIPB unit should have reported the matter to FIPB for an appropriate decision," Subbarao, who served as the 22nd Governor of Reserve Bank of India, had stated.

The secretary of the Department of Economic Affairs used to be the ex-officio chairman of the FIPB.

The FIPB was scrapped by the Modi government in 2017.

CBI reaches out to 5 countries seeking information

The Central Bureau of Investigation has sent Letters Rogatory (LRs) to five countries seeking information on the funds routed to them in connection with INX media case, sources said on Friday.

The investigative agency has sent letters to the United Kingdom, Mauritius, Bermuda, Switzerland and Singapore.

On August 20, the Delhi High Court rejected Chidambaram's anticipatory bail, following which the CBI issued a lookout circular against him. He was arrested by the agency later and was sent to its custody by a Delhi court till August 26.

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