The Central Bureau of Investigation (CBI) conducted raids on Tuesday at the residence of former finance minister P Chidambaram in connection with criminal misconduct in grant of Foreign Investment Promotion Board (FIPB) approval, sources said.

According to sources, the agency also raided the home of Chidambaram’s son Karti and the raids were linked to clearances given to INX media, which was once owned by Peter Mukerjea.

Karti Chidambaram is facing money laundering probe linked to the dubious Aircel-Maxis deal and searches had been carried out at his offices previously too.

Pertinently, in 2008, INX Media had paid money and allotted shares to Karti’s company Advantage Strategic Consulting and its linked firms, sources said. Peter Mukerjea’s INX Media had paid cash in several installments. Also 60 lakh shares were transferred from London based company called Artevea Digital UK Limited to Karti’s firm.

A total of at least 14 locations in Chidambaram`s home city of Chennai were searched by the CBI.

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