The Enforcement Directorate (ED) is considering reopening the probe into the case of alleged foreign exchange violation by INX Media Pvt Ltd (now called 9X Media Pvt Ltd). The agency had closed the investigation in 2010 after it did not find sufficient proof to press charges of foreign exchange violation by the company promoters. However, last week Mumbai police requested the ED to reinvestigate the financial dealings of the company in order to throw some light on the motive behind the Sheena Bora murder. ED Mumbai is waiting for permission from the head office to start re-investigation in the INX media case.
According to officials, ED was investigating the case related to INX Media’s financial transaction from 2008 to 2010. The issue came out after INX Media (including related companies of the group) who had taken permission from the Foreign Investment Promotion Board (FIPB) for foreign direct investment up to 46 per cent in the company. The ED accused INX Media of selling its shares to foreign entities at '862.31 each, which was 86 times more than their face value. The ED further found that the money received from foreign entities was invested in subsidiaries of the media firm without prior approval of the FIPB. However, the ED closed the investigation after it did not find enough evidence to press the charges. Sources from ED said, on condition of anonymity, “The Mumbai police wants us to reopen the investigation as there is suspicion that there is a financial motive behind Sheena Bora’s murder by her mother Indrani Mukerjea, who was one of the promoters of the company.”
The ED source further said that if the promoters were found guilty of violating foreign exchange regulations, then they would be fined three times the money involved in dubious transactions.
The source added, “Right now we have done our procedure and sent Mumbai police the request application and investigation report of INX Media to our head office. Now they will decide whether it is necessary to reinvestigate the case or not and then they will give us order for the same. We are waiting for their reply.”
