Here’s why Karti Chidamabaram has been arrested

Karti is the son of former finance minister P Chidambaram

GN Bureau | February 28, 2018


#P Chidambaram   #CBI   #Karti Chidamabaram   #Money Laundering  
Photo: Facebook/ Karti Chidambaram
Photo: Facebook/ Karti Chidambaram

Former finance minister P Chidambaram’s son Karti Chidambaram was arrested on Wednesday by the CBI in the INX Media case.

What is the case about?

Sleuths were keeping an eye on INX Media since January 2008 when the Financial Intelligence Unit (FIU-IND) flagged the foreign direct investment of over Rs 305 crore by three Mauritius-based companies in it.

Why was Karti arrested?

CBI officials said that Karti was arrested for not cooperating with investigations, reported Indian Express.

Is CBI the only law enforcement agency tackling this case?

No. The Enforcement Directorate (ED) too is probing Karti in a case under provisions of Prevention of Money Laundering Act (PMLA). Karti’s chartered accountant was arrested last week.

What is the exact nature of the case?

CBI has filed an FIR against Karti and INX Media among others for alleged irregularities in FIPB approval given to the media house for foreign direct investment (FDI) in 2007. The CBI has alleged that the INX Media’s FDI proposal was “deceitful and fallacious”, but was approved by the then finance minister P Chidambaram.

Are there other cases too?


Yes. The enforcement directorate is investigating a company associated with Karti in connection with the Aircel Maxis deal and FDI inflow into Vasan Healthcare.

The ED had found documents that showed Advantage Strategic Consulting, a company that CBI claimed is indirectly controlled by Karti, was paid Rs 10 lakh as consultancy fees to help it get FIPB approval in 2008. Karti’s father P Chidambaram was then finance minister, reported Indian Express.

What has been Karti’s stand?

Karti had earlier said: “I am being targeted politically and personally to besmirch the name of my father. They have not seized any documents and cannot prove any charges against me. I have not done anything wrong.”

And what did his father say?

“We know that Karti is being targeted only because he is my son and the real target is me. I understand the political motive behind the accusations and the timing of the story. I have nothing but pity for those who make these false accusations. Ultimately, truth will prevail,” The Mint quoted Chidambaram as saying.

“Karti runs a legitimate business, apart from managing inherited property. He has been an income tax assessee for many years. He has duly and regularly filed his income tax return, including a statement of assets and liabilities, every year. The assessments have been completed upto AY 2013-14 by the income tax department.

“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 opposition parties, journalists, columnists, NGOs and civil society organisations. All I will say is I shall continue to speak and write,” he had said.

What did court say?

The Supreme Court on February 23 did not stay the summons issued by ED and asked Karti to appear before the ED on March 01.

What happens next?

A new case against Karti Chidambaram based on fresh evidence available may be filed, CBI sources told NDTV
 

Comments

 

Other News

Cyclists plan ‘memorial ride’ to press demand for infrastructure

Cycling is a passion for many, and it is a way to fitness too. With rising numbers of vehicles on the road, the government encourages this environment-friendly mode of transportation, but it comes with numerous challenges. An accident last month on the Mahipalpur flyover of south Delhi, which took the life

“World headed towards stagflation; India must take care of the poor”

As the post-pandemic fallout and geopolitical uncertainty slows down global economies and sanctions against some nations, energy crisis and inflation are adding to the troubles, India is projected to be decoupled from world economy and fare better. To check if this belief really holds water, in the latest

The changing nature of CSR in India

With the advent of globalization came a new set of challenges for corporations, notably the duty of ensuring the well-being of all stakeholders while also protecting the planet`s natural environment. Although we are dedicated to a faster and more inclusive rate of growth, it is equally imperative that we f

BMC commissioner Chahal conferred with hon. doctorate

BMC commissioner and administrator Iqbal Singh Chahal has been conferred with a Honorary Doctor of Science Degree (honoris causa) by Guru Nanak Dev University in Amritsar, Punjab. Chahal was conferred the degree during the 48th convocation of the University in Amritsar at the hands of Punjab

Sebi to have two-track approach on ESG

Securities and Exchange Board of India (Sebi) aims to use a two-track approach on environmental social and corporate governance (ESG). Addressing a conference on ‘ESG for Atmanirbhar Bharat` in Mumbai, Sebi chairperson Madhabi Puri Buch said that that there should not be a single carbo

Accuracy more important than speed in news: Anurag Thakur

Presenting authentic information is the prime responsibility of media and that facts should be properly checked before they are put in the public domain, union minister of information and broadcasting Anurag Thakur has said. “While speed with which the information is transmitted is imp

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter