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INX Media Case
The INX Media case refers to an ongoing high-profile money laundering investigation in India. It involves allegation of irregularities in foreign exchange clearances given to 9X Media, INX Media group for receiving overseas investment in 2007. P. Chidambaram was Union Finance Minister, union finance minister at the time. His son Karti Chidambaram has been implicated by the investigating agencies. As of September 2019, there were no reports of charges filed against P. Chidambaram. The Central Bureau of Investigation, CBI is reported to be conducting a probe. Chidambaram was given bail on 4 December 2019 after 105 days of custody in Tihar Jail. Background INX Media, founded by media entrepreneurs Indrani Mukerjea along with husband Peter Mukerjea, allegedly violated foreign investment laws. INX Media had permission to source foreign investments to the tune of but it has allegedly received funds worth . In March 2007, INX Media had approached the Chairman of Foreign Investment P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In US law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In UK law the common law definition is wider. The act is defined as "taking any action with property of any form which is either wholly or in part the proceeds of a crime that will disguise the fact that that property is the proceeds of a crime or obscure the beneficial ownership of said property". In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
