Karti Chidambaram

Karti Chindamnaram is a Indian Politician and Businessmen. He is member of Congress Party and son of P Chidambaram, who was minister in UPA 1 & 2 govts. In 2015 Indian press uncovered the hidden ownership of vast international net work of companies linked to him. Govt agencies started investing those companies financing and transactions as part of extensive corruption probe. During UPA 2 regime also, his name had cropped up in Aircel-Maxis deal in 2 G scam case. That time he had made a statement that income tax department has accepted his annual returns and also given him refund for excess tax paid.

In 2015, it was also reported in the press that 2 directors of company called Advantage were summoned by ED for  questioning under money laundering act. They were  also interrogated in connection with Aircel-Maxis deal.This was in response to the complaint of Aircel owner, who had said he had been pressurised to cell his stake in Aircel to Maxis at low price. When CBI took over the investigations they found the the finance minister and his secretary’s role in clearing the investment of Maxis  in Aircel. The Indian Express Newspaper further alleged that Advantage  bought share of Vasan Eye care at reduced price and later sold the same for huge profits. Karti Chidambaram name was also mentioned in these transactions. The Ex minister P Chidambaram denied all these and threatened to sue the paper but Indian Express later produced a tax affidavit to support their claim.

After this  Karti’s offices were raided and his Laptop  and files were seized. He made a statement that neither I or nor any of my family members are having any connections with this deal. In Feb 2016 Pioneer Newspaper reported that Karti was involved in extensive international business activities and many of them in Tax Havens. Newly discovered documents revealed that he had a various business in London, Dubai, South Africa, Phillipines, Thailand, Singapore, Malaysia, Sri Lanka, British Virgin Islands, France, USA, Switzerland, Greece and Spain. It was also implied that he had enriched himself from 2006 to 2014 when his father P Chibambaram was Finance and Home Minister.

In Apr 2016 Express proved that Karti is owning Advantage thru Benami people. The evidence was in the form of 4 identical wills drafted by Karti, in which front men  left the shares of Advantage to Karti’s daughter, executed in Jun 2013, and named Karti as executor. The will also left 60% Advantage Strategic to Chidambaram’s family and rest to Ausbridge Holdings, which at time held 66% of Advantage . 95% of shares in Ausbridge was held by Karti till 2011, but sensing heat they were also transfered to Benami persons . In May 2016 ED started gathering information from various countries regarding properties and other firms linked to Karti. On July 5, 2016 Karti failed to appeaar before ED in response to summons in connection with Aircel-Maxis deal. ED was investigating  the alleged violation of the Prevention of Money Laundering Act on the part of Advantage and Chess Global advisory Services in which Karti was director.

In Aug 2017 Karti appeared before CBI in connection to case involving FIPB approval INX Media. During all this period Karti and his father P Chindaram  were blaming BJP govt for witch hunting , political vendetta and  maligning their family’s name.

Yesterday ED attaches assets worth Rs 1.16 crore of Karti in connection with its probe in Aircel-Maxis case. The case against him filed by CBI, charges him with money laundering, kickbacks that  were allegedly paid when Maxis bought  India telecom Aircel in 2006. The Aircel owner claimed that he was coerced to sell Aircel to Maxis. Along with savings and fixed deposits  in the name of Karti, the Ed also attached the Rs 26 lakhs from the accounts of Advantage Strategic, a company to which he is linked. It has been reported that during investigations ED found out that  Foreign Investments  Proposal Booard (FIPB) approval was given to Aircel Maxis deal by P Chindaram exceeding his brief. It also showed that a company promoted by Karti & his associate A Palaniappan(nephew of P Chidambaram) received US $ 2 lakhs from Maxis group for this deal, in guise of Software Consultancy. The ED has indirectly hinted that the present case is just a tip of iceberg and more is being probed..

To give this case a political twist,  Karti and his father former minister P Chidambaram are saying it is political vendetta and witch hunting, and other Congress leaders are also giving similar statement. Now a days it has become a fashion to say similar things when a leader from non ruling party is  accused/convicted in some scam/corruption charges.

So what you say my friends.

Awaiting for your feed backs and comments.