P. Chidambaram's Son house raided today by CBI

The home of former union minister P Chidambaram and his son Karti Chidambaram in Chennai is among more than a dozen places raided by the CBI or Central Bureau of Investigation this morning as part of an inquiry into suspected criminal misconduct related to approval of investment deals.

CBI sources say they are investigating the charge that Karti Chidambaram's company received Rs. 10 lakh from INX Media, which got an FIPB or Foreign Exchange Promotion Board clearance for four crores but actually received Rs. 305 crores.

NX Media was then owned by former media tycoon Peter Mukerjea and his wife Indrani Mukerjea, who are currently in jail in connection with the murder of her daughter Sheena Bora. Sources say some clues on the INX Media deal emerged from investigations into the murder, when the financial transactions of the Mukerjeas were scrutinized. The Mukerjeas exited INX Media in 2009. Mr Chidambaram, a top Congress leader, was Finance Minister in the Manmohan Singh government at the time and his role is also being examined, say sources.

In a statement, Mr Chidambaram said: "FIPB approval is granted in hundreds of cases. The five Secretaries who constitute the FIPB, the officials of the FIPB Secretariat and the competent authority in each case are the public officials. There is no allegation against any of them. There is no allegation against me."

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