INX Media case: SC reserves verdict on Chidambaram’s bail plea

Tribune News Service

New Delhi, October 18

The Supreme Court on Friday reserved its verdict on bail plea of former Finance Minister P Chidambaram in the INX Media corruption case, even as the CBI filed a chargesheet before a Delhi court accusing him, his son Karti and others of causing loss to the exchequer by their alleged acts of corruption.

Chidambaram (74) was arrested by the CBI on August 21 in the INX Media corruption case and is currently under the ED’s custody in a related money-laundering case. The CBI had registered an FIR on May 15, 2017, alleging irregularities in a Foreign Investment Promotion Board clearance given to the INX Media group for receiving overseas funds of Rs 305 crore in 2007, during Chidambaram’s tenure as the finance minister. Later, the ED lodged a separate money-laundering case in 2017.

Chidambaram has challenged the September 30 Delhi High Court verdict denying him bail in the case.

Opposing his bail plea, the CBI told a Bench headed by Justice R Banumathi that a person “reasonably in know-how of the things”, and whose identity has been withheld even in the chargesheet, forms a crucial basis of the INX Media corruption case against Chidambaram, Karti and others.

Belying the belief that former promoter of INX Media Indrani Mukherjea’s statement was the basis of Chidambaram’s prosecution in the case, the CBI said the person has stated that he was being “influenced” and “intimidated” by the senior Congress leader when not under arrest.

“He is the person who has given his statement under section 164 of the CrPC (recorded before a judicial magistrate) that he was being influenced and intimidated. We do not wish to disclose his identity even in the charge sheet,” Solicitor General Tushar Mehta, representing the CBI, submitted.

“He (Chidambaram) tried to influence this person when he was out. He is not Indrani or Peter Mukherjea but he is the person who has reasonably known the things and his statement forms part of the chargesheet. Statement of Indrani Mukherjea is also a part of the chargesheet,” Mehta told the Bench.

On behalf of Chidambaram, senior advocates Kapil Sibal and Abhishek Manu Singhvi contested Mehta’s submissions, contending the high court rightly held that the former finance minister was neither a “flight risk” and nor can he tamper with evidence. Sibal questioned Mehta for referring to contents of the chargesheet and said it is meant for the trial court and neither the apex court nor high court should deal with it.

Mehta said the high court had erred in saying that Chidambaram was not a “flight risk” as the country is facing a problem where persons accused in financial frauds and economic offences are fleeing India.

 “Where can he run away? His passport is not with him. A look-out circular was issued against him. A person of his stature cannot run away. He is known across the world,” Sibal said, adding that he has lost 5 kg during his 43-day stay in jail.