New Delhi: The SC on Wednesday will pronounce its order on Congress leader P Chidambaram’s plea seeking bail in the INX Media money laundering case.
Justice R Banumathi headed bench had on November 28 reserved judgement on the appeal filed by Chidambaram challenging the Delhi Court verdict denying him bail in the case.
Appearing for the ED, Solicitor General Tushar Mehta maintained that economic offences like money laundering are grave in nature as they not only affect the nation’s economy but also shake people’s faith in the system, especially when it is committed by people in power.
Senior advocates Kapil Sibal and A M Singhvi, representing the former union finance minister claimed that there was neither any evidence linking P Chidambaram directly or indirectly with the alleged offence.
The former union minister was arrested by the Central Bureau of Investigation (CBI) on August 21 in the money laundering case and was granted bail by the Supreme Court on October 22.
While ED arrested him on October 16 and is presently in judicial custody till November 27 under the order of a trial court.
What is INX Media case?
In the month of March 2007, the INX Media had approached the finance ministry for issuing 14.98 lakh equity shares and 31.22 lakh convertible non-cumulative redeemable preference shares. Each share was to be priced at Rs 10 a piece, owned by three non-resident investors under the FDI route.
The financial intelligence unit of the finance ministry, however, in January 2008 found that there was an anomaly in the money flow into INX Media from three firms based in Mauritius. The case was then sent to the Enforcement Directorate, which probed the fund flow.
The matter was then referred to the CBI, following which an FIR was registered and the case in May 2017 and this came to be known as the INX Media case. The ED on the other hand probed the money laundering aspect into this case.