The CBI on Tuesday raided the residences of former Union Minister P Chidambaram and his son Karti Chidambaram here in connection with criminal misconduct in the grant of FIPB approvals.

The early morning raids at the former Finance and Home Minister's residence were conducted in connection with Foreign Investment Promotion Board (FIPB) clearances given to INX Media (now called 9X Media) when it was run by Peter and Indrani Mukherjea, and Chidambaram was then the Finance Minister.

Separate Central Bureau of Investigation (CBI) teams conducted searches at more than ten places in Tamil Nadu, besides carrying out over a dozen raids in Delhi, Mumbai and Haryana's Gurugram.

The agency's move comes a day after it filed an FIR against Karti Chidambaram and Indrani Mukherjea in the case. 

The Enforcement Directorate (ED) has been probing the involvement of Karti Chidambaram's company for alleged foreign exchange violations.

The case — registered under the Foreign Exchange Management Act (FEMA) in 2010 — involves foreign investment by three Mauritius-based companies in INX Media.

The ED had earlier issued a show-cause notice to Karti Chidambaram and INX Media for alleged FEMA violations of over Rs 40 crore. 

The ED also issued a similar notice to a Chennai-based firm, Vasan Health Care Private Limited, for alleged forex violations of over Rs 2,000 crore.

"The total amount of contravention identified on different counts and found to have been committed by Advantage Strategic Consulting Private Limited in the sale transaction of shares of Vasan Health Care to overseas investors is around Rs 45 crore," the ED notice said. 

"Show-cause notice has been issued to Advantage Strategic Consulting Private Limited, its directors and also to Karti Chidambaram who appears to be the controller and ultimate beneficiary in these transactions," it added.

Meanwhile, as the CBI also raided the Worli (Mumbai) home of former media barons, Peter Mukherjea and his wife Indrani, both currently in jail facing a murder trial.

The CBI action followed a FIR lodged on Monday alleging that Karti could have been a beneficiary of Rs.3.5 crore by helping clear a FIPB proposal of the Mumbai-based media company INX Ltd – owned by the Mukherjeas – when Chidambaram was the union Finance Minister.

According to the FIR, invoices of around Rs. 3.5 crore were allegedly raised by INX Ltd favouring companies in which Karti had "sustainable interests" either directly or indirectly.

In 2007, the FIPB had cleared the INX Media when it was run by the Mukerjea couple, before they sold it off, and now it is known as 9X Media.