INX Media money laundering case: Delhi HC allows Karti Chidambaram to withdraw application for extension of protection

New Delhi [India], August 24 (ANI): The Delhi High Court on Wednesday allowed Member of Parliament Karti Chidambaram to withdraw his application seeking an extension of interim protection from coercive action in the Enforcement Directorate's case related to the INX Media money laundering.
The Bench of Justice Siddharth Mridul and Justice Amit Sharma on Wednesday allowed Karti Chidambaram to withdraw his application for further extension of interim protection from coercive action after noting the submissions of his counsel. His counsel stated that withdrawal of the application was sought to enable him to pursue his regular bail application pending before the trial court.
After the Delhi HC order, now Karti can pursue his application dated 08.08.2022 for regular bail, currently pending on August 27, 2022, before the Court of the Special Judge, Rouse Avenue Court.
Appearing for Karti Chidambaram, Advocate Arshdeep Singh submitted that ED has filed its complaint in the matter before the trial court where his plea for regular bail was on August 20 opposed by the ED stating concern protection from coercive steps before this court.
After taking cognizance over the prosecution complaint filed by ED the trial court last year had summoned P Chidambaram and others in the INX Media case including several firms which were named in the chargesheet.
Special Judge MK Nagpal, while taking cognizance of the ED Chargesheet said, "I find sufficient material and grounds for proceeding further in the matter against all the ten accused persons named in the complaint, out of which six accused are companies, for the commission of offence under Section 3 read with Section 70 of the PMLA, which is punishable under Section 4 of the said Act."
The Court also noted the extensive arguments advanced by Central Government standing counsel and Special PP for Directorate of Enforcement and have also carefully perused the entire record of the case.
Enforcement Directorate, in June 2020, had filed a prosecution complaint (chargesheet) in the INX Media money laundering case involving P Chidambaram, son Karti Chidambaram and others in the Rouse Avenue Court.
The INX Media Money laundering case involves P Chidambaram with the allegation of irregularities in foreign exchange clearance given to INX Media group for receiving overseas investments in 2007.
Chidambaram's son Karti Chidambaram, who is currently a sitting Member of parliament, is also an accused in the matter. Besides Chidambaram, the charge sheet also names Karti's chartered accountant S Bhaskararaman and others.
Accused P Chidambaram and S Bhaskararaman were arrested during the investigation of the case and both are presently on bail. Earlier, CBI had registered its case on May 15, 2017, alleging irregularities in a Foreign Investment Promotion Board clearance granted to INX Media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as finance minister. Thereafter, the ED had lodged a money laundering case.
The case pertains to FIPB clearance given to INX Media to the tune of Rs 305 crore when P Chidambaram was the finance minister. The economic offences watchdog had registered a PMLA (Prevention of Money Laundering Act) case based on FIR by the CBI and alleged that irregularities took place in the FIPB clearance to INX Media. (ANI)