Son of India's former finance minister arrested

MarketsAssociated Press

The son of India's former finance minister has been arrested as part of a financial misconduct investigation, officials say.

Karti Chidambaram is accused of receiving bribes while his father was in office to help a media company get government clearance to allow it to receive foreign investments. He has denied the allegation.

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He is the son of P. Chidambaram, who was finance minister until his Congress party-led government was voted out of power in 2014.

Congress party spokesman Randeep Singh Surjewala called the arrest politically motivated, a way to stop the senior Chidambaram from criticizing the government of Prime Minister Narendra Modi.

Sambit Patra, a spokesman for the ruling party, denied that. "This is not a vendetta," he told reporters. "This is the law."