Supreme Court grants bail to former finance minister P Chidambaram in INX Media case

The Supreme Court granted bail to Congress leader P Chidambaram on Wednesday in the INX Media money-laundering case.

A three-judge bench, headed by Justice R Banumathi, granted bail to the 74-year-old former Union finance minister, who has been in custody for 105 days since August 21 when he was arrested by the CBI in the INX Media corruption case.

The Enforcement Directorate had arrested him on October 16 in the money-laundering case.

Supreme Court said P Chidambaram should not temper with the evidence and not influence the witnesses. He should also not give press interviews or make make public statements in connection with this case

Supreme Court directed P Chidambaram to furnish a bail bond of Rs 2 lakhs along with 2 sureties of the same amount. SC also says Chidambaram can not travel abroad without the Court's permission.

The apex court also ordered the Registry to return the sealed covers submitted to the bench by the ED on the last day of the hearing, containing evidence connected to the case. Senior advocate Kapil Sibal appearing for Chidambaram asked the court asked for certified copy of the order to produce before the special judge conducting the trial of the INX Media case on Wednesday.

The apex court observing the gravity of the economic offences said that bail is the rule and jail the exception, and Chidambaram had already spent many days in custody of the ED.

On November 28, a bench headed by Justice R. Banumathi had reserved judgement on the appeal filed by Chidambaram challenging the November 15 verdict of the Delhi High Court denying him bail.

Solicitor General Tushar Mehta, representing the ED, told the court that Chidambaram is extremely influential even from custody, while senior advocates Kapil Sibal and A.M. Singhvi, appearing for the former Union Minister, told the bench that the ED cannot orally prejudice the court against the grant of bail.

Sibal told the court that alleged emails, bank transactions indicating at money laundering have been said to be connected to Chidambaram, but where is the evidence to link all these with him? "Show one piece of evidence... you cannot destroy reputations," he contended.

Attacking the ED case against Chidambaram, the senior lawyer said that the ED should show one property, one bank account and one telephone call, which establishes Chidambaram is involved in the case, insisting that "the entire case is nothing beyond allegations".

On the other hand, Mehta told a three-judge bench headed by Justice Banumathi that whether in custody or not, former Finance Minister Chidambaram is powerful enough to wield influence on witnesses involved in the case. "One of the witnesses has written a letter, and the other two have requested, please do not bring us face to face with him....in fact, his presence may influence the prosecution," he contended.

Citing the gravity of the economic offences, Mehta told the court that the entire world is facing the menace of money laundering.

Mehta told the bench, also comprising Justices A.S. Bopanna and Hrishikesh Roy, that the ED probe has uncovered 12 bank accounts where proceeds of crime were deposited and the agency has also gathered the details of 12 properties, with specific addresses, which have been together tracked down in 16 countries. He also told the apex court that economic offence is a separate class of offence graver than murder, and it is a white collar crime, which has the potential to shake the faith of the common man in the establishment.

Chronology of events in INX Media money-laundering case

Following is the chronology of events in the INX Media money-laundering case in which former Union finance minister P Chidambaram was granted bail by the Supreme Court on Wednesday - May 15, 2017: CBI registers FIR in INX media case alleging irregularities in FIPB clearance to the group for receiving overseas funds of Rs 305 crore in 2007.

- Feb 16, 2018: ED lodges the money laundering case in this regard. CBI summons Chidambaram for questioning.

- May 30, 2018: Chidambaram moves Delhi High Court seeking anticipatory bail plea in the corruption case of CBI.

- Jul 23: He moves Delhi HC for anticipatory bail in the money laundering case of ED.

- Jul 25: High Court grants him interim protection from arrest in both cases.

- Jan 25, 2019: HC reserves its judgement on his anticipatory bail in both cases.

- Aug 20: HC dismisses the anticipatory bail pleas. It also declines Chidambaram's request to stay the order for three days to enable him to move an appeal in SC.

- Aug 21: Chidambaram arrested in CBI case.

- Aug 22: Chidambaram sent to four-day CBI custody, which was periodically extended till September 5.

- Sep 5: SC dismisses his plea in ED case challenging high court order denying pre-arrest bail.

-Oct 5: Delhi court allows ED to interrogate Chidambaram in Tihar Jail and arrest him, if needed.

-Oct 16: ED questions Chidambaram in Tihar and arrests him.

-Oct 17: Chidambaram sent to ED's remand till October 24.

-Oct 18: CBI files charge sheet against P Chidambaram and 13 others in INX Media case -Oct 21: CBI court accepts agency's charge sheet and summons P Chidambaram for October 24.

-Oct 22: SC grants bail to Chidambaram in the corruption case.

-Oct 24: Delhi court sends Chidambaram to custodial interrogation by ED till Oct 30 in INX Media money-laundering case.

-Oct 25: CBI moves SC seeking review of its verdict granting bail to Chidambaram in the INX Media corruption case.

-Oct 30: Chidambaram moves Delhi HC seeking interim bail in INX Media money-laundering case on health grounds.

-Oct 30: Delhi court sends Chidambaram to judicial custody till Nov 13 in the money-laundering case.

-Nov 13: Delhi court extends judicial custody of Chidambaram till Nov 27.

-Nov 15: HC denied bail to Chidambaram in money-laundering case.

-Nov 18: Chidambaram moves SC challenging HC order dismissing his bail petition.

-Nov 21: Delhi court allows ED to quiz Chidambaram in Tihar on Nov 22, 23.

-Nov 27: Delhi court extends Chidambaram's judicial custody till Dec 11.

-Nov 28: SC reserves verdict on Chidambaram's bail plea.

-Dec 4: SC sets aside Delhi HC's November 15 verdict denying bail to Chidambaram, who has been in custody for 105 days since August 21, and granted him bail in the INX Media money-laundering case.