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

On a personal note: DIVINE

An underground rapper who grew up on Mumbai streets, Divine spins his music around his environment and poverty. His breakout single, ‘Meri Gully Mein’, along with fellow rapper Naezy caught Bollywood’s attention. The Hindi film ‘Gully Boy’ is inspired by their lives and gr

The role model for an IAS officer

Anil Swarup, an IAS officer of Uttar Pradesh cadre who retired in 2018, is a model bureaucrat who retained his optimism right till the end of service and exemplified dedication and commitment. His excitement at the opportunities that a job in the IAS provided is evident on every page of his new book publis

Reform of the civil services: At home and away

The question of reform of the civil services has been debated extensively at all levels at least over the last five to six decades after independence. Indeed, it was soon perceived that the Indian Administrative Service (IAS) may not be well equipped to deal with the problems of an emerging developing coun

The greatest challenge for any government

Shouting vengeance at all and sundry while wriggling out of holes of our own making seems to be our very special national characteristic. Some recent instances are illustrative of this attribute. A number of business tycoons with thousands of crores of unresolved debts have fled abroad with the government

The mysterious case of CBI’s legality

The Central Bureau of Investigation (CBI) came into existence, based on a Resolution of the home ministry, dated April 1, 1963 – a sheer coincidence that it also happens to be April Fool’s day. Over the past few months, we have seen the CBI live up to its founding day with great zeal, being i

The Evolution of Modi

Gujarat was passing through a turbulent phase in the 1980s. The decade began middle class agitations against new reservation policies, and the caste friction turned communal under the watch of chief minister Madhavsinh Solanki, alienating majority of urban population on both counts. The ground was ripe for

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter