P Chidambaram was arrested on August 21 by the CBI from his Jor Bagh residence.

Veteran Congress leader P Chidambaram, arrested in the INX Media corruption case, denied in the Delhi High Court on Monday that he used the office of finance minister for personal gain. In a rejoinder to CBI's reply on his bail plea, he said that a look out circular (LOC) has already been issued against him and it is preposterous to allege that he is a flight risk and can evade the process of law.

Denying CBI charges of the present case being a clear betrayal of public trust at large, the former finance minister said that the Rs 305 crore which came to INX media as foreign direct investment was well within the approval percentage of 46.216 per cent. He also denied in his reply the probe agency's claim that cogent evidence incriminating him in the offence was on record and a strong case has been made out against him.

P Chidambaram also denied the charge that he used the office of the finance minister for personal gains in connivance with his co-conspirators and claimed there was no loss to the public exchequer in this case. "No public funds were involved in this case and it is not a case of bank fraud or taking money out of the country or defrauding depositors in stealing money," he said in the reply.

Mr Chidambaram said no credibility can be attached to Indrani Muerjea, who has turned an approver in the corruption case, since she and her husband were also being investigated by the CBI in a murder case.

Justice Suresh Kumar Kait was told by senior advocate Kapil Sibal that as per the normal procedure, the FDI proposal of INX Media was processed by several officers in the FIPB unit; thereafter, it was put up to the FIPB comprising of 6 secretaries who after due consideration, made its recommendations to the Ministry of Finance.

After the file went through several levels, it came before P Chidambaram, the then finance minister, and he approved it, Mr Sibal said, adding that the alleged offence took place in 2007-08 and the FIR was lodged in May 2017, when there was no allegation that he tried to influence anyone.

"All the six secretaries were right in their decision. There was no allegation that I influenced them. I have been confronted with them. They said what they did was right. Why I am being singled out. I only accepted the recommendations and I am in jail. Those who made the recommendations are out," Mr Sibal said on behalf of P Chidambaram.

CBI in its reply on Friday opposed the 74-year-old Congress leader's bail plea in the corruption case, saying it is a "gravest case of economic offences" and the magnitude of financial embezzlement and misuse of high public office disentitles him for any relief.

In its written response to Mr Chidambaram's bail plea, the CBI had said the gravity of offences committed by the former finance minister for which he is being investigated does not entitle him to seek any relief as it would not only be against the 'zero tolerance policy on corruption' but would also be setting a very wrong precedence in all corruption cases.

It said the investigation revealed that Chidambaram, as the finance minister, had demanded illegal gratification and the payments were made in India and overseas to him and his accused son Karti.

The agency had said despite his arrest, Chidambaram continued to remain evasive while replying the questions put to him during interrogation or confrontation.

P Chidambaram, who was arrested on August 21 by the CBI from his Jor Bagh residence, is currently lodged in Tihar Jail under judicial custody till October 3. The CBI had registered an FIR on May 15, 2017, alleging irregularities in the Foreign Investment Promotion Board (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.