FIPB red-flagged issues in 6 cases, not INX: Agencies

New Delhi: Probing the INX Media corruption case, investigative agencies claim to have dug out nearly half-a-dozen cases red-flagged by the then Foreign Investment Promotion Board (FIPB) unit at nearly the same time (around 2008) while ignoring similar irregularities found in the INX Media case.

As was done in the INX Media case, downstream investment had already taken place in all the other cases as well. The FIPB unit, however, ignored the irregularities only in INX Media while recording objections in others.

In the “briefs” prepared for the perusal of the FIPB Board, the FIPB unit wrote that “approval will be subject to compounding (penalty) by RBI” as “downstream investment” had already taken place. Whereas, in the case of INX Media, where downstream investment had also already taken place, the FIPB unit “deliberately” withheld this information from the Board, said people with direct knowledge of the matter.