After CBI raids, trouble is set to rise for former finance minister P Chidambaram and his son Karti as the Central Board of Direct Taxes (CBDT) is likely to initiate a probe into the reported irregularities in foreign investment approval for a media firm in 2007.

CBDT chairman held a meeting with the Prime Minister's Office (PMO) hours after Karti Chidambaram's house in Chennai and his office in Gurgaon and other places were raided by the CBI on Tuesday. Raids were also conducted at former media baron Peter Mukerjea's house in Worli, Mumbai.

"We received information on Karti some two years ago, we have been investigating the cases. We will act on all information shared by the CBI. We are monitoring the case on a regular basis and can call Karti for questioning as well," CBDT chairman told India Today.

According to sources Enforcement Directorate (ED) had shared information regarding Karti Chidambaram with concerned department two years ago. The Income Tax department will now take up the probe further on the basis of information gathered during Tuesday's raids.

It is alleged that Karti received money from INX Media, which was owned by Peter Mukerjea and Indrani Mukerjea, for using his influence to manipulate a tax probe against it in a case of violation of Foreign Investment Promotion Board (FIPB) conditions to receive investment from Mauritius.

According to the CBI, INX Media clearly states in its records that Rs 10 lakh was given to Advantage Straetgic Consulting (P) Limited, a firm 'indirectly' owned by Karti, for management consultancy charged towards FIPB notification and clarification.

The FIR also alleges that invoices of approximately Rs 3.5 crore were raised in favour of INX group in the name of other companies in which Karti had substantial interests 'directly or indirectly'.

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