Home News Reports P Chidambaram blames IAS officers for illegal FIPB approvals, says he didn’t see the files

P Chidambaram blames IAS officers for illegal FIPB approvals, says he didn’t see the files

Chidambaram has said that 7-8 IAS officers handled the files related to foreign investments and he as finance minister never had enough time to go through the files

Former union finance and home minister P Chidambaram, who is being interrogated in custody by the Central Bureau of Investigation, has blamed IAS officers for illegal FIPB approvals that have landed him in trouble. The senior Congress leader is accused of granting illegal FIPB approval for foreign investment into six companies including INX Media and Aircel Maxis, and laundering the black money received as kickbacks for the illegal favours granted to the companies.

According to reports, P Chidambaram has said during his interrogation that the decisions to grant FIPB approval to INX Media for foreign investment of ₹307 crore was granted by the Foreign Investment Promotion Board (FIPB) division of the finance ministry. He said that 7-8 IAS officers handled the files related to foreign investments and he as finance minister never had enough time to go through the files. He said that he used to act on their recommendations.

“If there has been any irregularity, they should be knowing about it,” the finance minister in the UPA government said.

- Ad - - article resumes -

This marks a change in his position who has been maintaining that there was nothing wrong in the FIPB approval. His lawyers had argued that the total FDI in INX Media didn’t exceed the maximum limit of 75% even though the company raised far more FDI than what was allowed. According to allegations, Chidambaram and his son had influenced the FIPB members to issue an approval to INX Media for a downstream investment the company had already made in its subsidiary INX News, even though this request was rejected by the board earlier.

Indrani Mukerjea, who was the co-founder of INX-Media, has told the investigators that after the Income Tax department had detected the illegal investments, she had met P Chidambaram and his son Karti to settle the matter. The company was asked to make payments to the foreign bank account of a company controlled by Karti Chidambaram, and after that the fresh approvals were granted to make the illegal investments legal.

Indrani has turned approver into the case, and her version makes it clear that the IAS officers who were members of the FIPB had granted the approval on the influence of P Chidambaram. But now the former finance minister is trying to blame the officers saying he had signed the filed without seeing them.

After this statement by P Chidambaram, the then members of the FIPB are expected to be questioned by the CBI.

Indrani Mukerjea and her husband Peter Mukerjea are facing trial in a case involving the murder of Sheena Bora, her daughter from her earlier marriage. They are currently lodged in jail.

After getting more than 20 bails, P Chidambaram was finally arrested by CBI in a dramatic manner on 21st August, a day after Delhi High court had rejected his anticipatory bail plea. He was arrested at his residence after Supreme Court had refused to grant any interim relief, and a special CBI court had granted  CBI the custody of Chidambaram on the next day for 4 days.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.

Big Story

SC will hear Ghulam Nabi Azam's petition against abrogation of Article 370 on 16th September

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

To Advertise on Opindia.com Click here

Rakesh Jhunjhunwala slams notions of economic crisis gripping the country

“I don’t want Pappu to be my Prime Minister”: Investor Rakesh Jhunjhunwala says PM Modi has performed very well

In an explosive interview, Rakesh Jhunjhunwala pulled no punches in rubbishing the doomsayers casting aspersions on Modi government

Prashant Kishor’s team starts reaching out to media and influencers with ‘paid content’ offers ahead of West Bengal assembly elections

Darjeeling Chronicle has exposed how Prashant Kishor led IPAC is reaching out to 'influencers' and digital portals to carry out paid campaigning for TMC and Mamata Banerjee ahead of 2021 West Bengal state elections

Fact-Check: Is Zaira Wasim making a comeback with The Sky Is Pink after quitting Bollywood for Islam?

The trailer The Sky Is Pink starring Priyanka Chopra and Farhan Akhtar was released on 10th September and it also starts Zaira Wasim
Imran Khan has assumed that all 1.2 billion Muslims in the world are jobless enough to listen to his useless rants

Imran Khan’s new Friday fad: Comes to PoK to declare that Indian Muslims will rise against India

PoK activist Amjad Ayub Mirza had stated yesterday that Khan's party and the Pakistani authorities had ferried people from Abottabad and Rawalpindi to attend the rally.

Raj Thackeray’s MNS, with zero Vidhan Sabha seats, threatens to boycott forthcoming Maharashtra Assembly elections

Raj Thackeray's MNS is contemplating to boycott the upcoming Maharashtra state assembly elections
Image Source: twitter

Malala Yousafzai spreads fake news, claims girl from Kashmir missed her exams on August 12 which was an Eid holiday

According to Malala, one of the three girls from Kashmir missed her exams on August 12. However, August 12 is a notified holiday declared across the country by Government of India on the occasion of Bakr Id or Eid ul-Adha.
Allahabad University professor goes on indefinite leave after video insulting Hindu gods goes viral

Allahabad University professor who had boasted of urinating on a Shivling in viral video goes on indefinite leave, claims ‘lynching’ fear

Dr Vikram Harijan had claimed in the video that he had once urinated on a Shivling just to prove that the gods cannot do him any harm.

‘Kashmir free from shackles of Pakistan sponsored terrorism’: Pakistani org representing Pashtuns refuses to support Imran Khan’s Kashmir protest, backs India

Pashtun Tahaffuz Movement (PTM), the principal body representing Pashtuns in Pakistan, has rejected Prime Minister Imran Khan’s recent call to all people in which he urged them to come out and support Pakistan’s narrative on Kashmir. 
Vivek Ranjan Agnihotri

Vivek ‘Ranjan’ Agnihotri speaks about caste politics being played in Bollywood

Vivek Agnihotri responds to Neeraj Ghaywan’s tweets, and also shares a hitherto unknown trivia about his full name.
Subscribe to Day's Top Stories
[newsletter_form type="minimal"]
- Advertisment -

Latest articles

Connect with us

Help Opindia Reach Every Indian. Share This Post