Violations In INX Media Deal Not Brought To Notice Of FIPB: D Subbarao Told ED

24 Aug 2019 09:50 AM

Violations In INX Media Deal Not Brought To Notice Of FIPB: D Subbarao Told ED

Updated 24 Aug 2019 09:50 AM

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.

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