what is INX scam

What is INX scam? The INX media scam came into light on May 15, 2017, when CBI registered an FIR refering to irregularities in the Foreign Investment Promotion Board (FIPB) clearance given to INX Media for getting finances worth Rs. 305 crore from abroad. At that time, the Media group was run by Peter and Indrani Mukerjea.

Apparently, Chidambaram’s son, Karti, who is Congress’ MP from Tamil Nadu’s Sivaganga, has been accused of getting monetary benefits from Mukerjeas to approve the illegal money. The fabrication came into light when Enforcement Directorate (ED) was examining a firm linked to Karti. The ED had discovered documents related to INX Media in the PC of Karti’s CA Bhaskarraman.

What is INX scam?

As indicated by the CBI, INX in 2017 was approved a fund of Rs 4.62 crore FDI from three Mauritian organizations. Notwithstanding, the reports further reveal that INX got a bigger sum of Rs. 305 cr through direct investment. As per CBI, after enough evidence was collected, a corruption case was registered against both Karti and Chidambaram. A tax evasion case was separately registered by ED.  

Besides, INX Media brought in upon their troubles when they went above and beyond – probably trusting Karti – and brought in downstream investment which FIPB had earlier rejected. For the immersed, The interest in the other Indian downstream organization by an Indian organization previously having outside speculation is called downstream venture.

In May 2008, when FIPB looked for a clarification from INX Media, they supposedly went to Karti who had apparently requested the Official at FIPB – on account of his association with the then Finance Minister, P. Chidambaram – to get the deal going.

As indicated by the investigating agencies, money was transferred to organizations that had connections with Karti. Thereafter, CBI recorded an FIR against Karti and after a month Foreigner Regional Registration Officer (FRRO) and Bureau of Immigration, both, issued Look Out Circular (LOC) against him.

Adding to Karti’s trouble, Indrani Mukerjea in 2019 revealed that he had demanded $1 million to influence officials to approve the FDI measure of Rs. 305 Crore. Indrani further revealed that she and her husband had also met Chidambaram in 2008 who assigned his son to ensure the approval of FDI remittances.

What is INX scam?

According to ED, Karti acquired a Tennis club in Spain, Cottages in UK and a few different properties in India with $1 million sum that he had asked Indrani to transfer to his overseas account.

The ED has attached properties worth Rs 54 crore belonging to Karti Chidambaram in connection with the case. The agency also attached properties belonging to Indrani and Peter Mukerjea. With mounting troubles for the father and son duo, all eyes are on the Supreme Court’s hearing in the case on Wednesday.

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