Former finance minister and senior Congress leader P Chidambaram (File photo)

NEW DELHI: The Delhi high court on Monday refused to grant former finance minister and senior Congress leader P Chidambaram bail . He has been arrested in the INX Media corruption case.

Justice Suresh Kait denied relief to the Congress leader noting that he was a strong home minister and finance minister, is a member of Parliament (MP) at present, and has a long standing as an advocate.

The court, while pronouncing order on his bail plea, also said that the investigation by the Central Bureau of Investigation (CBI) was at an advanced stage. It agreed with the CBI that the possibility of Chidambaram influencing witnesses cannot be ruled out.

The court decided the bail petition on three grounds -- flight risk, tampering with evidence and influencing witnesses.

The CBI on Friday had opposed the bail plea of Chidambaram contending that he is a flight risk and knows that his conviction is likely.

It had argued that the veteran Congress leader has resources to sustain himself in another country indefinitely and should not be released on bail till the trial in the case is over.

He was arrested on August 21 by the CBI from his Jor Bagh residence and is in Tihar Jail under judicial custody till October 3.

The CBI had registered an FIR on May 15, 2017, alleging irregularities in the FIPB clearance granted to the INX Media group for receiving overseas funds of Rs 305 crore in 2007 during Chidambaram's tenure as the finance minister.

Thereafter, the ED lodged a money laundering case in this regard in 2017.

Chidambaram's counsel had earlier contended that it was not a case of taking out money from the country or cheating a bank and instead money has come in and it was not an economic offence, as alleged by the agency.

The former finance minister has denied that he used the influential office of the finance minister for personal gains in connivance with his co-conspirators.

(With PTI inputs)



In Video: Delhi high court rejects P Chidambaram's bail plea