The Supreme Court granted former finance minister P. Chidambaram bail in the INX Media money laundering case, registered by the Enforcement Directorate (ED). A bench headed by Justice R. Banumathi had, on November 28, reserved judgement on the appeal filed by Chidambaram, who challenged the November 15 verdict of the Delhi High Court denying him bail in the case. He cannot travel overseas, has been restricted from media interaction and interviews, and warned against influencing witnesses and evidence. He will walk out of prison today, after spending over 100 days in jail. The bench levied a personal bond of Rs 2 lakh with two sureties of the like amount.
During the arguments, the Enforcement Directorate (ED) had claimed in the apex court that the 74-year-old former finance minister continues to wield "substantial influence" on crucial witnesses in the case even from the custody, while he said that the agency cannot "destroy" his career and reputation by making baseless allegations.
Opposing his bail plea, Solicitor General Tushar Mehta, appearing for the ED, maintained that economic offences like money laundering are grave in nature as they not only affect the nation's economy but also shake people's faith in the system, especially when it is committed by people in power.
Senior advocates Kapil Sibal and A.M. Singhvi, representing the former union finance minister, had countered Mehta's submissions and said there was neither any evidence linking Chidambaram directly or indirectly with the alleged offence nor there was any material to show that he had influenced witnesses or tampered with any evidence.
The ED had arrested him on October 16 in the money laundering case.
The CBI registered its case on May 15, 2017, alleging irregularities in a FIPB clearance granted to the INX Media group for receiving overseas funds of Rs 305 crore in 2007, during Chidambaram's tenure as finance minister.
Thereafter, the ED had lodged a money-laundering case.
-Inputs from PTI
