Jr. Chidambaram arrested in money laundering case

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Karti Chidambaram

The Central Bureau of Investigation (CBI) arrested Karti Chidambaram on Wednesday. They stopped him and took him to a 14-day judicial custody after he landed at Chennai airport from London.

The 46-year-old business person is the son of former Union Minister P Chidambaram. He was found guilty in the INX Media money laundering case. The officials have said that he was arrested for not co-operating with the officials.

The case relates to Foreign Investment Promotion Board (FIPB) approval granted in 2007 for receipts of funds by INX Media. By then his father was a senior Congress leader P Chidambaram was the minister in the UPA regime.

The case was filed by the CBI in May last year. It was registered under the money laundering Act. He was accused of using Rs 300-crore using his father’s influence.

The enforcement directorate issued summons against him in January. Later they raided its offices based in Chennai and Mumbai. The company says that it received an investment of about 46.20 million but in actuality has received 3053.60 million between August 2007 and May 2008. The investors are from Mauritius.

His father told the allegations were wrong. In a statement, he said,” the case is totally imaginary, far-fetched and highly improbable.” While the petition says that even on a bare reading of the FIR, it would be clear that the petitioner’s son has been deliberately drawn into a small, routine commercial transaction between two private companies for a paltry sum of Rs 10 lakh”

Last week the junior Chidambaram moved to Supreme Court to seek a stay on Enforcement Directorate summoned against him regarding the case.

Congress has said that it is an act of classic divisionary tactic by the Modi government to hide their own corrupt governance model that is being exposed on a daily basis—be it Nirav Modi, Mehul Choksi, Dwarka Das Seth Jewellers. The BJP govt continues its vendetta and vindictive politics to target opponents. However, it will not stop Congress from bringing the truth out to the people.”

Two weeks ago the cops arrested Karti’s Chartered accountant from a five-star hotel.

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