The Central Bureau of Investigation has summoned former Finance Minister P. Chidambaram’s son Karti in connection with a case of alleged misuse of foreign investments by INX Media. He has been asked to join the probe on July 21.
The CBI has accused Mr. Karti of having got commissions via a company associated with him to scuttle a possible probe by the Department of Revenue into the allegations against INX Media, then of Peter and Indrani Mukerjea.
The agency alleges that in 2007, INX Media had got an approval from the Foreign Investment Promotion Board (FIPB) for ₹4.62 crore investment, but it received ₹305 crore foreign direct investment (FDI) from two Mauritius-based companies by sale of shares at a premium of ₹800 a unit.
Against the FIPB decision, asking the company to file a separate application, a downstream investment of 26% of the funds was also allegedly made in INX News.
