The Enforcement Directorate in the INX Media money-laundering case opposed the bail plea of former union minister and Congress leader P Chidambaram in the Supreme Court on Thursday. Appearing for ED, Solicitor General Tushar Mehta claimed that Chidambaram continues to wield ‘substantial influence’ on crucial witnesses even from custody.

Opposing Chidambaram’s bail plea, Mehta told the Supreme Court bench headed by Justice R Banumathi comprising Justices AS Bopanna and Hrishikesh Roy that economic offences are grave in nature as they not only affect the country’s economy but also shake people’s faith in the system.

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He further told the court that the ED has identified 12 bank accounts in which the proceeds of crime were deposited and the agency also has details of 12 properties that were purchased in several foreign countries.

Solicitor General told the court that economic offence is graver than murder. It is a white-collar crime that has the potential to shake the faith of the common man in the establishment.

Appearing for Chidambaram, senior advocate Kapil Sibal told the court that he has been kept in jail unfairly for 98 days just because he is the father of Karti Chidambaram, a key accused in the case, and there was not a piece of single evidence linking him to it.

ED has been opposing Chidambaram’s bail plea as in a counter-affidavit filed on Tuesday, it alleged that Chidambaram is not entitled to bail as sufficient evidence has come on record that he has been indulging in the destruction of evidence and influencing the witnesses.

ED also claimed that Chidambaram being a former cabinet minister is a very intelligent and influential man. It further said that his mere presence can intimidate witnesses at this stage and there is direct evidence which shows that he has pressured the witnesses to not join the investigation.

The apex court is hearing an appeal filed by the senior Congress leader challenging the Delhi High Court verdict denying him bail in the case.

The Central Bureau of Investigation (CBI) had arrested Chidambaram in connection with INX Media case on August 21. He was granted bail by the apex court on October 22. But he was re-arrested by the ED in the same case in connection with money laundering on October 16.

The case against former union minister was registered on May 15, 2017, alleging irregularities in a Foreign Investment Promotion Board (FIPB) clearance granted to the INX Media group. The clearance was allegedly granted to the group for receiving overseas funds of Rs 305 crore in 2007. At that time, Chidambaram was finance minister.

ED had registered a separate money-laundering case against the former minister.