The CBI told the Supreme Court on Friday that there is “good and cogent” evidence against Karti Chidambaram, son of former Finance Minister P Chidambaram, in a corruption case and opposed his request to withdraw the lookout Circular against him.
Karti is facing probe in a case relating to FIPB approval given by his father to INX Media, which engaged the services of Karti-linked firms Advantage Strategic and Chess Management Services for getting the said approval.
After two days of interrogation, Karti’s lawyers informed the SC he had cooperated with the CBI by answering all questions put to him in a grueling eight-hour questioning on August 23 followed by a two-hour grilling on August 28.
His lawyer, senior advocate Gopal Subramanium pointed out that the CBI had failed to find any evidence against him and hence the Court must take a call on whether the loC issued against him on July 18, 2017 should remain.
Additional Solicitor General Tushar Mehta, appearing for the premier agency, opposed the plea and said, “There are good and cogent reasons for continuing with the look out Circular.” He handed a sealed envelope containing the reasons recorded by the CBI detailing the evidence against Karti and the role played by him in the grant of foreign investment promotion board (FIPB) approval. It was CBI’s case that the company INX Media paid a huge sum into Karti’s companies. ASG said things are not so plain and simple as put forth by Karti as it involved “jugglery of accounts” and his holding in more than one company.
Taking the sealed envelope on record, the Bench of Chief Justice Dipak Misra, Justices AM Khanwilkar and DY Chandrachud gave CBI further time to file its response on what transpired in the interrogation in order to help the Court arrive at a conclusion on continuing with the loC. The Court had on August 18 stayed a Madras HC order staying the loC and directed Karti to participate in the investigations. The Bench has now posted the case for hearing on September 11.
The FIR lodged by the CBI on May 16, 2017 alleged that Karti-linked firms received overseas funds to the tune of Rs 305 crore in 2007 following FIPB approval granted by his father, the then Finance Minister, to INX Media. However, Karti’s lawyers claimed that he held no stake in any company and had no overseas property as alleged by the CBI.