It involves allegation of irregularities in foreign exchange clearances given to INX Media group for receiving overseas investment in 2007.
[3][6][note 1] This money was sought for creating and operating a number of television channels under the banner of INX Media.
[3] The application to the FIPB mentioned its intention to "make a downstream financial investment to the extent of 26 per cent of the issued and outstanding equity share capital of INX News Private Limited".
[9][10] In September 2015 the Mumbai office of the Enforcement Directorate indicated that it would reopen the 2010 FEMA case under the Prevention of Money Laundering Act, 2002.
[2][12] In June 2017, The Foreigner Regional Registration Officer and the Bureau of Immigration, which comes under the Union Home Ministry, issued a look out circular (LOC) against Karti Chidambaram.
[13] Karti Chidambaram's chartered accountant, S. Bhaskararaman, was arrested for allegedly assisting him to manage his wealth in India and abroad in February 2018.
[14] In October 2018, the Enforcement Directorate (ED) seized assets of Karti Chidambaram worth Rs 54 crore, including properties in New Delhi, Ooty, United Kingdom and Barcelona in relation to the INX Media case.
[16][17] He appeared around 24 hours later at the Congress Party headquarters and made a statement to the press that he has "not committed any offence in INX Media case" and "will respect the law".
[18][19][20][21] His plea for an anticipatory bail in INX Media case was dismissed by the Delhi High Court on 20 August 2019.