New Delhi, Jan 13: Enforcement Directorate on Saturday raided at Karti Chidambaram‘s properties in New Delhi and Chennai. The latest raids were conducted in connection with Aircel-Maxis Case. The raids took place after Chidambaram failed to appear before the ED. The agency had conducted similar raids on the kin of Karti Chidambaram on December 1 last year. Also Read - Yes Bank Crisis: CBI Raids Rana Kapoor's House, 6 Other Locations in Mumbai

The ED is investigating the circumstances in which the deal was granted an approval by the Foreign Investment Promotion Board (FIPB) in 2006 by the then finance minister P Chidambaram. Also Read - Rana Kapoor, Former Yes Bank Founder, Sent to ED Custody Till March 11

The ED has alleged that Karti has “disposed” of a property in Gurgaon, which he had allegedly rented out to a multinational company “to whom foreign direct investment (FDI) approval had been granted in 2013”. Also Read - ED Raids Jet Airways Founder Naresh Goyal For Alleged Money Laundering, Books Him Under PMLA

ED official charged that Karti had “also closed certain bank accounts and attempted to close other bank accounts in order to frustrate the process of attachment” under the PMLA.

The agency said FIPB approval in the Aircel-Maxis FDI case was granted in March, 2006 by the then FM even though he was competent to accord approval on project proposals only up to Rs 600 crore. The suspicion arose when P Chidambaram approved Foreign Direct Investment of 800 million USD (over Rs 3,500 crore). The approval of the Cabinet Committee on Economic Affairs (CCEA) was required for such investment.

“In the instant case, the approval for FDI of 800 million USD (over Rs 3,500 crore) was sought. Hence, CCEA was competent to grant approval. “However, approval was not obtained from CCEA,” it alleged.