CBI explains Supreme Court lookout circular against Karti Chidambaram

September 22, 2017

The Central Bureau of Investigation (CBI) on Friday explained the issue of lookout circulars (LOCs) against Karti Chidambaram, son of senior Congress leader and former Union Minister P. Chidambaram. CBI told Supreme Court that decision to stop Karti from travelling abroad was taken as he was closing his foreign bank accounts. However, opposing the investigating agency's stance, Karti Chidambaram's counsel told the court that he was abroad after the FIPB clearance was given. On August 18, the Supreme Court had asked Karti to appear before the investigating officer at the CBI headquarters here for questioning in the case. Previously, the apex court had said that Karti would not be allowed to leave India without subjecting himself to investigation in the case. The bench had given the investigating agency the liberty to question Karti as many times it wanted and posted the CBI's plea, challenging the Madras High Court order staying the LOCs issued against him and others. The FIR, lodged by the CBI on May 15, it stated irregularities in Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Karti's father was the Finance Minister. The SC has scheduled the next hearing for October 1st week.