Monday, March 30, 2020
Home News Reports P Chidambaram blames IAS officers for illegal FIPB approvals, says he didn’t see the...

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

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

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.

- article continues after 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.

- Support OpIndia -
Support OpIndia by making a monetary contribution

Trending now

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Latest News

King Maha Vajiralongkorn of Thailand goes into isolation with his harem of 20 concubines in Germany, books an entire luxury hotel

Thailand King Maha Vajiralongkorn has booked out the entire Grand Hotel Sonnenbichl in Bavaria, with permission from local council

Latest updates and important links about COVID-19 coronavirus

Live statistics and tracking of news related to COVID-19 coronavirus with focus on India.

Pakistan heaps praise on China amid Coronavirus pandemic, Imran Khan’s advisor says stranded students in Wuhan grateful to Pakistan for not evacuating them

The world has a lot to learn from China regarding the prevention and control of communicable diseases: Imran Khan’s adviser said

UP Govt takes over Jaypee Sports City to house migrants returning from Delhi in quarantine

Authorities in Noida have decided to take over the Jaypee Sports City in order to house the migrants fleeing to UP from Delhi.

Coronavirus fight: Assam man offers to donate 4 acres of land to build a hospital for treatment of COVID-19 patients

Krishna Mahanta has written a letter to the Kaliabor Sub-Divisional Officer offering to donate land for COvid-19 hospital

Centre directs States to seal borders and prevent outflux of migrant workers in the wake of coronavirus lockdown

Migrant workers who have violated lockdown guidelines and travelled to other states are to be kept under quarantine for 14 days.

Recently Popular

Infosys employee Mujeeb Mohammad arrested for asking people to ‘spread the virus’ by sneezing in public, fired by the company

Although earlier Infosys said that it could be a case of mistaken identity, later they admitted he was their employee & fired him

PM Narendra Modi launches “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund” to receive public donations for fight against Covid-19

This fund will enable micro-donations and large number of people will be able to contribute with smallest of denominations

Manufactured crisis? Delhi govt cut electricity and water supply of migrant workers​, told them buses were waiting for them at UP border

Essentially, it seems like the Delhi government manufactured a crisis and forced migrant workers to flock to the UP border amidst Coronavirus lockdown

Ramayana in the digital​ age: The first​ episode crashes Doordarshan website, top searched in India on Google

As the first episode of Ramayan went live, Ramanand Sagar's Ramayana on Doordarshan become the top search on Google in India

Abu Khalid al-Hindi who attacked Sikhs in Afghanistan was one Mohammed Sajid from Kasargod ISIS module, Kerala: Here is all you need to know

Terrorist who attacked Sikhs in Afghanistan was one Mohammed Sajid Kuthirummal who had escaped from Kasargod, Kerala in 2015 to join ISIS

Subscribe to our newsletter

Each morning, get an email to keep updated with all the news, opinions and analysis published by OpIndia.

Connect with us

216,583FansLike
265,434FollowersFollow
208,000SubscribersSubscribe
Advertisements