Karti quizzed in foreign fund approval for INX Media

Former finance minister P Chidambaram’s son Karti on Wednesday appeared before the CBI in connection with an investigation into a media house getting government clearance to receive foreign funds.

Karti’s appearance came, following a direction from the Supreme Court, which stayed the Madras High Court order staying the lookout notice issued against him.

The apex court had allowed Karti to be accompanied by a lawyer during the CBI questioning.

Sources said the CBI examined him about his role in the Foreign Investment Promotion Board (FIPB) clearance given to INX Media for receiving funds from Mauritius, when his father was the Union finance minister.

Karti was summoned earlier, but he did not appear before the CBI.

Following this, the CBI issued a lookout notice to prevent him from flying out of the country but he approached the high court seeking a stay on the circular.

During the hearing in the Supreme Court, following the CBI challenging the stay, Karti said he was willing to appear before the CBI.

On May 15, the CBI registered a case against Karti, his company Chess Management Services, INX Media, Advantage Strategic Consulting Services, its director Padma Vishwanathan and INX Media’s Peter Mukerjea and his wife Indrani Mukerjea, who are currently in jail on a separate case.

According to the CBI, INX Media stated in its records that an amount of Rs 10 lakh was given to Advantage Strategic Consulting (P) Limited, a firm the CBI said was “indirectly” owned by Karti, for management consultancy charges towards an FIPB notification and clarification.

The FIR also stated that invoices of approximately Rs 3.5 crore were raised in favour of INX Media in the name of other companies in which Karti had substantial interests “directly or indirectly”.

DH News Service