Prosecution Sanction Order Placed Against India Ex-Finance Minister In Corruption Case

(MENAFN- Khaleej Times) The Enforcement Directorate (ED) in India has placed a prosecution sanction against former finance minister P Chidambaram for money laundering in the Aircel Maxis and INX Media case before a special court.

These prosecution sanction orders have been placed before the Rouse Avenue Special Court in New Delhi by the ED to expedite the trial in these cases.

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The ED had initiated investigation against the senior Congress leader on October 9, 2011, for corruption.

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In the case, ED said its investigation has revealed that Chidambaram granted the Foreign Investment Promotion Board (FIPB) approval to Aircel Maxis in lieu of the quid pro quo.

"In the Aircel Maxis Deal, the foreign investor (Maxis) applied for approval of the government for FDI of $800 million, for which the competent authority for approval was the Cabinet Committee on Economic Affairs (CCEA). However, as part of a larger conspiracy, approval was fraudulently and dishonestly granted by P Chidambaram on March 20, 2006, who was competent to consider and approve Foreign Direct Investment FDI) proposals involving total investment of Rs6 billion or less," said the ED in a statement.

ED said its "investigation has revealed that illegal gratification of Rs11.6 million was received by Karti P Chidambaram (son of P Chidambaram) in his companies Advantage Strategic Consulting Pvt Ltd (ASCPL) and Chess Management Services Pvt Ltd (CMSPL)."

"Investigation has revealed financial transactions between P Chidambaram and Karti P Chidambaram. Investigation has also revealed that funds of ASCPL have also been spent for and on behalf of P Chidambaram."

The ED has said that it has been making all efforts to fast-track the trial in the case.

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