CBI raids premises of Chidambaram, son Karti in Tamil Nadu

New Delhi, May 16 : The CBI on Tuesday launched searches at multiple premises linked to former Union Finance Minister P Chidambaram and his son Karti Chidambaram in connection with alleged favours granted in FIPB clearance to a firm.
The raid was conducted at various locations in Mumbai, Delhi and Gurugram, including the residence of Karti Chidambram, son of P. Chidambram in connection with criminal misconduct in grant of Foreign Investment Promotion Board (FIPB) approval, CBI sources said.
Unconfirmed reports said the raids were also on at Karaikudi, the hometown of Chidambaram.  It is alleged that Karti received money from INX Media, owned by Indrani and Peter Mukerjea, 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. According to the CBI, INX Media clearly states in its records that Rs 10 lakh was given to Advantage Straetgic Consulting (P) Limited, a firm “indirectly” owned by Karti, for management consultancy charged towards FIPB notification and clarification.