The CBI raids have raised several questions about the connection between Karti Chidambaram and INX Media's Peter and Indrani Mukerjea.
The Central Bureau of Investigation on Tuesday searched the homes and offices of former finance minister P Chidambaram and his son Karti across four cities for allegedly receiving money from a media firm INX previously owned by Indrani and Peter Mukerjea in 2007.
The raids were carried out across 14 locations including the Chidambarams' properties in Chennai, Mumbai, Delhi and Gurgaon. The CBI also recovered mails, hard disks (which need to be examined) and vouchers of Rs 10 lakh which were allegedly paid for the services.
The investigating agency has filed an FIR against Chidambarams's son Karti, Indrani and Peter Mukerjea on charges of criminal conspiracy, cheating, receiving illegal gratification, influencing public servants and criminal misconduct.
It is alleged that Karti received money from INX Media for using his influence to manipulate a tax probe against it in a case of violation of Foreign Investment Promotion Board (FIPB) conditions to receive investment from Mauritius. Read more here
The INX Media money trail
Media baron Peter Mukerjea, who is behind bars in connection with the Sheena Bora murder case had reportedly put his wife Indrani in front before starting different companies under the INX banner. By 2014, Mukerjea had floated several companies including INX News Pvt Ltd, INX Media Pvt Ltd, IPM Incon Pvt Ltd, and INX Executive Search Pvt Ltd. The Singapore government investment arm Temasek had also invested money in INX Media Private Ltd. However, documents show that Peter and Indrani continued to remain investors in INX till a few months before Sheena’s alleged murder on April 24, 2012. Sometime in 2012, Indrani and Peter completely sold out their stake in INX News Pvt Ltd.
In 2007, Peter asked Indrani to head another company by the name of IPM Incon Pvt Ltd. In this case Indrani was made the ‘inlet’. Documents show that Rs 10 crore were given as a loan by Indrani to the company and the amount was used to buy shares in INX Media Pvt Ltd.
However, in 2009, both of them jointly started INX Executive Search Pvt Ltd. In its very year of establishment, Peter approved a loan of Rs 10 crore to his co-director and wife Indrani. Curiously, the company was started with a share capital of Rs 10 crore with Indrani owning 99.9% stake in it.
Peter and Indrani also established another company named INX Services Pvt Ltd with a paid-up capital of Rs 50 lakh, 99.9% of which was owned by Indrani and the remaining by Peter. Till 2014, Rs 69 lakh had been pumped into the company with no business activity to show in its books except money transactions between Peter and Indrani. All such ‘loans’ were interest-free and had no terms of re-payment. In plain terms, Peter and Indrani were raising money elsewhere and giving loans to themselves through a company that had no business, genuine address and only losses of a few thousand rupees to show in its books.
The four companies also saw almost Rs 100 crore disappear from their books when Peter and Indrani were at the helm of affairs. There were six other companies in which both of them had active roles.
Read the detailed report here: Peter Mukerjea used Indrani as a money funnel
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