CBI raids on Karti Chidambaram: Charges that probe agencies level
Fresh raids pertain to a clearance given to a company under FIPB scheme in alleged violation of rules.
Mumbai: Country's premier investigating agency the Central Bureau of Investigation raided early Tuesday morning residences of former Finance Minister P Chidambaram and his son Karti. Raids were also conducted at some other places across Chennai in Tamil Nadu.
The case pertains to clearance given to a company under Foreign Investment Promotion Board or FIPB scheme allegedly in contravention of related rules. FIPB comprises five secretaries to the government of India apart form representatives from Finance Ministry.
It has been alleged that the approval granted was in sharp violation of Foreign Exchange Management or FEMA provisions that are implemented by Enforcement Directorate, country's only anti-money laundering agency functioning under department of revenue of Finance Ministry.
But what are the charges against Karti Chidambaram and what led investigating agencies to the doorsteps of former Finance Minister P Chidambaram and his son Karti? Here is a fact checker;
1) ED had summoned former Finance Minister's son Karti in July last year in an incident of alleged money laundering in a case related to Aircel-Maxis deal. Karti was slapped with a summons too by ED.
2) This was the first time that Karti Chidambaram was issued a summons in his name in the Aircel-Maxis case that was being under probe of investigating agencies since 2015.
3) At that time, agencies alleged that Karti was attached to two firms Advantage Strategic Consulting Private Limited and Chess Management Services, where he was a a director. These firms were charged with laundering money under Prevention of Money Laundering Act or PMLA.
4) ED along with sleuths from income tax department had conducted search and seizure in December 2015 at business premises of Chess Management Services, according to a PTI report.
5) Back then Karti Chidambaram had denied the charges and assured full cooperation in the case with probe agencies. His father P Chidambaram had cliamed the government was launching “malicious onslaught” against his family.