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Enforcement Directorate Officials Raided P. Chidambaram’s Chennai Home

Enforcement Directorate Officials Raided P. Chidambaram’s Chennai Home

Former Union Minister P.Chidambaram’s Chennai home was raided by a team of Enforcement Directorate today. According to news Agency PTI, the raid is in connection with the money laundering investigation in the Aircel- Maxis case.
According to the official source, the raids are being conducted in Delhi and Chennai since early morning. PTI reported that the Enforcement Directorate officials in Chennai said that their counterparts from Delhi are also involved in the operation.
Last year on December 1, the central probe agency has conducted similar searches on one of the karti Chidambaram’s relatives’ premise and others in this case.

The ED case pertains to the Foreign Investment Promotion Board (FIPB) approval granted in 2006 by then Finance minister P.Chidambaram. The ED has also alleged that karti has disposed of a property in Gurgaon, which he has allegedly rented to a multi-national company to whom “Foreign Direct Investment” (FDI) approval has been granted in 2013. The circumstances of the said FIPB approval granted by the then Finance minister (P. Chidambaram) is being investigated, said an agency.

It has also charged that “karti had closed certain bank accounts and attempted to close other bank accounts in order to frustrate the process of attachment” under the Prevention of Money Laundering Act (PMLA).
The FIPB approval in the Aircel-Maxis case was granted in March, 2006 by then Finance Minister though he was competent to accord approval on project proposal only up to 600 crore and anything beyond that would require the approval of the Cabinet Committee on Economic Affairs (CCEA), the agency said.
In this case, the approval granted for FDI was 800 million USD (over 3,500 crore). Hence, the matter was in CCEA hand’s for approval. However, approval from CCEA was not obtained, it alleged.

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