CBI said claiming that all the companies could be traced back to Karti's businesses

The CBI on Thursday produced Karti Chidambaram, arrested in the INX Media case, before a Delhi court after the expiry of his one-day custody.

Karti, the son of former finance minister P Chidambaram, was produced before Special Judge Sunil Rana who is hearing the demand of the agency seeking 14-days custody of Karti.

“The accused is required to be confronted with other accused, co-accused and suspects, which will take time. He will be confronted with the evidence collected by the CBI... 14 days’ remand is a minimum requirement for interrogation of the accused,” additional solicitor general Tushar Mehta told the court.

Karti’s mother Nalini Chidambaram, also a senior advocate, was seen sitting with him on the court. Father P Chidambaram was overheard telling Karti, “Don’t worry, I am there.”

The 46-year-old Karti is accused of using his influence in the finance ministry — at a time when his father was the minister — to help INX Media get approval for foreign investments from three Mauritius-based investors.

Beginning his argument seeking bail for Karti, lawyer and Congress leader Abhishek Manu Singhvi said: “The question today is how can there be a need for arrest given the facts of this case. .. They (CBI) have not issued summons to me (Karti) since August 27, 2017... The natural inference is you (CBI) have nothing to ask



me.”

Singhvi argued the CBI’s contention that Karti has not been cooperating is “bizarre”.

“The only way to establish non-cooperation by me (Karti) is to send me summons. Non- cooperation does not mean I will offer myself to your (CBI) office. The CBI did not summon me since August but arrested me for not cooperating,” said Singhvi.

On Thursday, a Delhi court also reserved its order on a bail plea filed by Karti Chidambaram’s chartered accountant S Bhaskararaman who was arrested in the INX Media money laundering case.

Bhaskararaman, who will remain in jail till March 7, had sought bail on the ground that he was not required for custodial interrogation and no purpose would be served by keeping him in custody.

Karti was arrested on Wednesday at the Chennai airport on his return from the United Kingdom in connection with the FIR lodged on May 15 last year.

The FIR alleged that INX Media reportedly received approval from the Foreign Investment Promotion Board (FIPB) for Rs 4.62 crore investment but received Rs 305 crore by sale of shares at a premium of Rs 800 per share instead of Rs 10 as mentioned by the company in its application.

The CBI alleges that after the income tax department started investigating, INX Media roped in Karti’s company called Chess Management Services Pvt Ltd “to get the issues resolved” by influencing officials of the FIPB.