There is no love on earth greater than that of a father for his son. But the love for son has cost the former finance minister P. Chidambaram too dearer. He has been arrested for favoring his son Karti in helping INX media when he was the finance minister in 2007.
INX Media, owned by famous Peter Mukerjea and his wife Indrani (an accused in murder of her daughter) had approached FIPB (Foreign Direct Investment Board), seeking permission for issuing equity shares to three non-resident investors based in Mauritius through the FDI route. FIPB approved the request allowing INX Media to receive foreign funds to the extent of Rs 4.62 crore, However, it rejected the INX other request for downstream investment of foreign funds in its subsidiary, INX News Pvt Ltd.
It is alleged that Karti, son of P. Chidambaram, the then finance minister, used his influence and accepted kickbacks to help INX Media. In January 2008, the financial intelligence unit of the finance ministry discovered the anomaly in the money flow into INX Media. As it involved foreign funds, the Income Tax department forwarded the case to the ED.
As per the CBI FIR filed against the company, its directors and other involved parties in May 2017 deliberately and in violations of the conditions and approval" went ahead with the downstream investment and generated FDI exceeding Rs 305 crore in the company by issuing shares to foreign investors at a premium of more than Rs 800 per share between August 2007 and May 2008. The foreign firms allegedly bought each share for Rs 862.31, a price that was more than 86 times its face value. The Enforcement Directorate subsequently lodged a money laundering case against INX Media and related parties including the alleged conduit Karti in 2018.
CBI says as Chidambaram was the finance minister in 2007, so his role comes under the scanner for FIPB clearance. The CBI alleged that instead of ordering investigation into the irregularities, the FIPB - under Chidambaram - suggested to INX Media to simply apply for fresh approval for downstream investment of overseas funds it had already received. As later Indrani Mukerjea turned approver in this matter, CBI case was further strengthened. According to Indrani, INX Media got a favourable deal after she met with Chidambaram seeking FIPB clearance in 2008.
However, except Indirani Mukerjee, there is nothing on record to prove the involvement of Chidambaram. But after Delhi High Court on Tuesday refusing to grant anticipatory bail to ex-finance minister and its observation, that " he seems to be the "kingpin" and "key conspirator" in the INX Media case built by the probe agencies and he needs to be interrogated in custody for the investigation to be effective", the doors for his arrest were wide open. He was,so far, getting a reprieve from arrest after the Delhi High Court granted him interim protection in May last year, extended from time to time till Tuesday.
Govt of the day always tale shelter under " law will take its own course", But, in reality, it always takes a chartered course as per govt wish. If a natural course is taken. most of the leaders will be behind bars. Everybody knows that CBI is a " caged parrot" of the govt as described by the country top court. It always dances to the tune of ruling party. Even BJP leaders, when in opposition, said loudly on many occasions.
In 2010, Amit Shah was accused of having orchestrated the extrajudicial killings of Sohrabuddin Sheikh, his wife Kauser Bi and his criminal associate Tulsiram Prajapati.
The same CBI had alleged in Sohrabuddin Sheikh murder case some marble traders of Rajasthan were being harassed by demanding hefty protection money. CBI then claimed that two of these marble traders paid Amit Shah to eliminate Sohrabuddin. Amit Shah, along with the police officers DIG DG Vanzara and SP Rajkumar Pandian, allegedly hatched a plan to kill Sohrabuddin.
Sohrabuddin's death was exposed by a journalist as an extrajudicial killing . CBI had claimed that Amit Shah had transferred Vanzara to various places in order to facilitate these killings. However,all these allegations were dismissed as "concocted" to facilitate the arrest of Amit Shah, by the then Congress-ed UPA govt.
So should we believe CBI? Or for that matter should a court take cognizance of the CBI allegations or charge sheet. All these moot points come to our mind whenever an arrest is made by CBI. Even in Chidambaram case. Its a same old story. CBI is doing what the govt wants. He has been the most vociferous critics of the Modi govt and has minced no words on Kashmir latest happenings. Silencing critics by putting them behind bars is an old authoritarian tactic.