Homes of P. Chidambaram and Son Karti Searched in Financial Misconduct Probe

"All the issues relevant to this FIPB approval will be investigated". "All people whose involvement comes forth will be probed", he added.

Peter Mukerjea knew of the conspiracy, investigators have said. The firm generated over Rs 305 crore Foreign Direct Investment against the approved inflow of Rs 4.62 crore by issuing shares to foreign investors at a premium of more than Rs 800 per share.

The CBI says Karti dir-ectly owns Chess Management Services, while he indirectly controls Advantage Strategic Consulting Limited.

The ED conducted searches in the premises of Advantage Strategic Consultants Private Limited and others.

He added that invoices of Rs 3.05 crore have also been recovered by the agency.

Taking aim at the BJP, leaders across the political divide have described the CBI raids targeting Karti Chidambaram, the son of former Union Finance Minister P. Chidambaram, as politically motivated. Both Chidambaram and his son denied there was any misconduct on their part and said the whole action was aimed at "muzzling" the voice of Chidambaram senior, who has been writing against the NDA government.

Stalin, who spoke to the media at DMK headquarters after a meeting of MLAs said "I reiterate my allegations against the CBI and Income-Tax department".

"I am not following the events and I have no memory and no comments", said Ajay Shanker, former secretary of the Department of Industrial Policy and Promotion (DIPP), who was one of the members of the FIPB that examined and recommended for approval the FDI proposal of INX News in October 2008. And Karti has been involved for facilitating this deal for Rs 35 lakh.

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As per sources, Karti accepted a huge amount of money as bribe in lieu of the favour rendered to the private company.

Meanwhile, as the CBI also raided the Worli (Mumbai) home of former media barons, Peter Mukherjea and his wife Indrani, both now in jail facing a murder trial.

The agency's move comes a day after it filed an FIR against Karti Chidambaram and Indrani Mukherjea in the case.

A spokesperson of the Central Bureau of Investigation (CBI) told the BBC that the agency was conducting searches in the southern city of Chennai (Madras).

The agency raided at 14 places in Chennai, Mumbai and Gurgaon in connection with this case today including homes of the former finance minister and his son.

INX Media claimed that the investment was done as per FIPB conditions. INX allegedly did not have to pay a penalty to the FIPB.

Chidambaram said in his statement that neither he nor FIPB officials were suspected of wrongdoing.

The concurrence to the "proposed investment" which had already been made without the approval of the Finance Ministry shows the malafide and dishonest intention on the part of Finance Ministry officials.

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