May 23rd, 2016
The Enforcement Directorate (ED) has sought information from 14 countries about the transactions of companies allegedly linked to former finance minister P Chidambaram’s son Karti Chidambaram. The government agency that investigates financial frauds and misdoings, has revealed of seeking information from UK, UAE, South Africa, the US, Greece, Spain, Switzerland, France, Malaysia, Singapore, British Virgin Islands and Sri Lanka. The information is regarding the assets and business transactions of Advantage Strategic, Sequoia, WestBridge and other firms allegedly linked to Karti, reported Times of India.
Chidambaram alleges vendetta politics
On ED’s attempt to find out the overseas financial transactions of Karti, ED sources revealed that the agency will soon question Karti. However, Karti told Times of India that he has not broken any law and everything is properly kept on record books. While, former finance minister P Chidambaram claims that the BJP is hatching a plan and victimising his son.
Benami assets unearthed
The New Indian Express conducted an investigation and found that Karti owns benami assets across the world. Apparently, Advantage Strategic holds 90,000 shares out of the 1.5 lakh equity shares of Vasan Eye Care. The firm procured the shares at a throwaway price of Rs 100 per share. However, the report states, that it actually paid only one-third, or Rs 33 per share.
Some of the other noticeable transactions includes
- The company had a joint venture with Philippine companies such as SM Arena Complex Corporation, Sports Entertainment Events Management Inc.
- Karti’s Singapore Company also had bought a residential flat in Malaysia worth 1.9 million Malaysian Ringgits. It also had many financial transactions with many Malaysian companies. Malaysia is the headquarters of Maxis which acquired Aircel in an alleged deal in 2006.
The Logical Indian requests the Indian investigative agencies to conduct a transparent investigation into the alleged deals and punish according to appropriate laws if found guilty.