In a major legal setback for Karti P. Chidambaram, the Prevention of Money Laundering Act (PMLA) Tribunal has delivered a crucial verdict, upholding the Enforcement Directorate's order to attach his properties in connection with the high-profile INX Media money laundering case.
The Tribunal's Landmark Decision
The tribunal, chaired by Justice Manmohan Singh, dismissed Karti Chidambaram's appeal challenging the ED's provisional attachment order dated March 1, 2022. This order had targeted properties worth approximately ₹4.5 crore located in Chennai and Coimbatore, marking a significant escalation in the long-running legal battle.
Core Allegations in the INX Media Case
The case revolves around allegations that Karti Chidambaram, son of former Union Finance Minister P. Chidambaram, received illegal payments in exchange for facilitating Foreign Investment Promotion Board (FIPB) clearance for INX Media. The Enforcement Directorate claims that these transactions were part of a sophisticated money laundering operation that spanned multiple countries and involved complex financial maneuvers.
Properties Under Scanner
The attached assets include:
- Residential properties in prime locations of Chennai
- Commercial real estate in Coimbatore
- Financial instruments and bank accounts linked to the transactions
Legal Proceedings and Next Steps
With the tribunal's ruling, the Enforcement Directorate has gained substantial ground in establishing the money trail and proving the alleged illicit transactions. The case has been closely watched by political and legal observers, given the high-profile nature of the individuals involved and the serious nature of the charges.
This development represents a critical milestone in the INX Media investigation, which has been ongoing for several years. The upholding of the attachment order significantly strengthens the ED's position as it continues to build its case against the accused parties.
The legal battle is expected to continue with potential appeals and further hearings, as Karti Chidambaram and his legal team consider their options following this unfavorable ruling from the PMLA Tribunal.
