InvestorQ : Why CBI arrested former FM P. Chidambaram?
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Why CBI arrested former FM P. Chidambaram?

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Roshni Hegde answered.
12 months ago

On 21st August 2019, Wednesday P Chidambaram, former Finance Minister of India. was arrested by the Central Bureau of Investigation in a money laundering case.

However, he claims to have no connection with the allegation over having a relationship between him and shell companies for violating undue Foreign Investment laws.

Below are the cases that have been disclosed till now and are based on the reference with the recent reports:
Case 1- In the year 2007, While P Chidambaram was on power, INX media had allegedly received foreign funding of over Rs. 305 crore against the permitted amount of only Rs. 4.62 crore (approx.) in the form of shares. However, INX media founder allegedly formed a firm to slash the financial intelligence unit case against them. And there was no investigation raised by the government.

Case 2- Like INX media, a similar case was probed by P Chidambaram in Aircel-Maxis deal worth Rs 1,305 crore.

Case 3- In 2006, On of the alleged firms under Karti Chidambaram, had become the stakeholder of Maxis Communications worth 40 billion in return of having 5% shareholder in Aircel. The company held the stake of 74% in Aircel. P Chidambaram, holding the power at that time refused to pass the deal untill his son received the 5% stake in Aircel.

Cas 4- There are four different cases that involved Diageo Scotland Ltd, Katara Holdings, Essar Steel Ltd and Elforge Ltd. wherein Enforcement Directorate probs to have P Chidambaram's role.

As per the recent report, P Chidambaram will be produced in special CBI court by the CBI. The SC hearing is scheduled on 23rs August 2019.

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Anjali Desai answered.
12 months ago

Senior Congress leader and former finance minister P Chidambaram got an extended date of police custody till August 30, 2019, by a special Central Bureau of Investigation (CBI) court.
The CBI agency said in one of the reports, that the extended period will helps them to prepare the report in more detail on the allegation against P. Chidambaram. The report are in terms with the money laundering case having a connection with INX Media.