The Central Bureau of Investigation (CBI) has conducted raids at 16 different locations, including the residences of former Union minister P Chidambaraman and his son Karti.
The raids were conducted in connection with criminal misconduct in grant of investment approval by the FIPB.
The CBI had recently registered a case regarding Foreign Investment Promotion Board (FIPB) clearance given to a company in which it is alleged that favors were given when P Chidambaram was the finance minister.
At least 14 locations in Chennai were searched by the CBI.
Commenting on raids, the former minister accused the central government of using the CBI and other agencies to target his and his friends.
"The government, using the CBI and other agencies, is targeting my son and his friends. The government's aim is to silence my voice and stop me from writing, as it has tried to do in the cases of leaders of the Opposition parties, journalists, columnists, NGOs and civil society organizations. All I will say is, I shall continue to speak and write," Chidambaram said in a statement after the raids.
"FIPB approval is granted in hundreds of cases. The five Secretaries who constitute the FIPB, the officials of the FIPB Secretariat and the competent authority in each case are the public officials. There is no allegation against any of them. There is no allegation against me. Every case was processed according to law and approval was granted or refused in accordance with the recommendations of the FIBP consisting of the five Secretaries to the Government of India," the former finance minister said.
The CBI is investigating various aspects of the FIPB approval given in the Aircel-Maxis deal case, including the role of former finance minister P Chidambaram, under anti-money laundering laws.
"Investigations under the Prevention of Money Laundering Act (PMLA) are going on in respect of FIPB approval given to Aircel-Maxis by the then finance minister (Chidamabaram).
"In the case, foreign inflow was Rs 3,500 crore (approximately) whereas as per government policy and FIPB guidelines competent authority was the Cabinet Committee of Economic Affairs for any inflow above Rs 600 crore," the agency said in a statement last month.