PMLA Tribunal Upholds ED’s Asset Attachment in INX Media Case
In a major setback for Karti Chidambaram, the PMLA Appellate Tribunal upheld the Enforcement Directorate’s (ED) order to attach his assets worth ₹54 crore in the INX Media money laundering case. The tribunal ruled that the ED presented sufficient evidence linking these assets—including luxury properties in Chennai, Delhi, and Coorg—to alleged proceeds of crime.
INX Media Case: Key Background
The case stems from a 2007 FIPB approval for INX Media’s ₹305 crore foreign investment. The ED alleges Karti Chidambaram, son of ex-Finance Minister P. Chidambaram, received kickbacks to influence the clearance. Investigations began in 2017, with Karti facing arrests by the CBI and ED before securing bail.
Tribunal’s Verdict: Why It Matters
- Dismissed Karti’s Challenge: The tribunal rejected his plea, citing ED’s prima facie evidence.
- Proceeds of Crime: Assets tied to shell firms (Chess Global, Advantage Strategic) allegedly laundered bribes.
- Legal Blow: Karti’s claims of “political vendetta” were overruled; tribunal noted suspicious transactions.
Political Fallout
The ruling reignites BJP-UPA sparring:
– BJP: Calls it proof of UPA-era corruption.
– Congress: Labels it a “witch-hunt” against opposition leaders. P. Chidambaram has denied all charges.
What’s Next for Karti Chidambaram?
- Legal Options: May appeal in High Court/Supreme Court.
- ED’s Move: Expected to fast-track PMLA trial and expand probes into linked transactions.
Conclusion
The verdict tightens the legal noose around Karti, keeping the INX case central to India’s anti-corruption discourse ahead of 2024 elections.
