The alleged irregularities in the grant of Foreign Investment Promotion Board (FIPB) approval to INX Media first came to light in 2016 when the Enforcement Directorate was probing a similar approval given by the Union finance ministry in the Aircel-Maxis deal.
The Aircel-Maxis deal is an offshoot of the 2G spectrum allocation case and bears resemblance to the INX Media case. Former finance minister P Chidambaram has been arrested by the CBI in the latter case.
According to official records, the Enforcement Directorate (ED) was looking into the role of a firm named Advantage Strategic Consulting Private Limited (ASCPL), which the investigators claim is indirectly controlled by P Chidambaram's son Karti, in the Aircel-Maxis case when the firm's footprints were seen in other similar deals approved by the finance ministry.
Karti Chidambaram has always denied having any control over ASCPL.
Both INX Media and Aircel-Maxis deal cases are being probed by the ED and the CBI for alleged corruption and money laundering.
In December, 2016, the ED's then joint director (headquarters) Rajeshwar Singh wrote a letter to the then CBI director informing him about unravelling of some new evidences while his team was probing the Aircel-Maxis deal case.
It is after this letter that the CBI filed a criminal case in the INX Media deal on May 15, 2017. Three days later, the ED took cognisance of the CBI FIR and filed a case under the Prevention of Money Laundering Act (PMLA).
The letter stated that probe has revealed that ASCPL received funds "in the guise of consultancy charges from some more companies and individuals that have received FIPB approvals from the Ministry of Finance."
It also stated that documents recovered from a seized hard disk from the premises of ASCPL disclosed that INX Media paid "a sum of Rs 9,96,296 to ASCPL vide a cheque number 002914 dated July 15, 2008."