According to the provisions of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) has attached 4 properties (three movable and one immovable property located in Coorg District, Karnataka) valued at Rs. 11.04 Crore that belong to Karti P Chidambaram and Others in the case of INX Media Pvt Ltd and Others.
Karti P. Chidambaram, M/s Advantage Strategic Consulting Pvt. Ltd. (ASCPL), and others were the subject of proceedings under the Prevention of Money Laundering Act, 2002, as a result of the ED recording an ECIR based on the FIR filed by the Central Bureau of Investigation (CBI) for the commission of offences punishable under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
Through several shell companies controlled, beneficially owned, or utilised by another accused Karti P. Chidambaram, it was discovered during the ED investigation that illegal gratification (proceeds of crime) were received both directly and indirectly from M/s INX Media Pvt. Ltd., to which accused P. Chidambaram had granted FIPB approval. In the presence of the accused, illegal gratification was obtained from INX Media organisations posing as consultants. Over time, Rs 65.88 crore in criminal gains has been laundered. Through several shell firms directly or indirectly managed by Karti P Chidambaram and his confidants, the funds were transferred to foreign accounts and invested in foreign real estate and stock of corporations. Additional investigation is being conducted.
