The Central Bureau of Investigation (CBI) conducted raids at the residences of former Union minister P Chidambaram and his son Karti in Chennai on Tuesday.

According to a NDTV report, the raids, that are on at least 14 locations in Chennai, are in connection with allegations that Karti Chidambaram's company gave clearances for foreign investment to a media company in 2008. An FIR in the case was reportedly filed on Monday.

Last month, a showcause notice had been issued to Karti Chidambaram and a firm purportedly linked to him for alleged Foreign Exchange Management Act (FEMA) violations of Rs 45 crore. He is also being investigated on a money laundering charge in the Aircel-Maxis case.

"A show-cause notice has been issued to M/s Advantage Strategic Consulting Private Limited, its directors and also to Karti P Chidambaram who appears to be the controller and ultimate beneficiary in these transactions," the ED had said in its notice.

The agency also issued a similar notice, after over two years of investigations, to another firm M/s Vasan Health Care Private Limited, which is based in Chennai, for alleged forex violations of Rs 2,262 crore.

The total amount of contravention identified by the ED, under the provisions of the Foreign Exchange Management Act (FEMA), by M/s Vasan Healthcare Private Limited and its overseas investors on different counts in the investments received from overseas investors is around Rs 2,100 crore and and additional Rs 162 crore, thereby totalling to Rs 2,262 crore.

(With inputs from PTI)

(Feature image source: PTI)