Chidambaram defends son, says 'truth will prevail'

Rubbishing allegations of amassment of wealth by Karti Chidambaram, former finance minister P. Chidambaram on Sunday hit out at the Centre and said that he was the real target and not his son.

"I am issuing this statement on behalf of all the members of my family. 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," Chidambaram said issuing a statement.

He said that the news report, which was containing wild and reckless allegations against Karti, was a planted story.

"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," he said.

"All his assets and liabilities have been duly disclosed in his tax returns. He has no undisclosed asset anywhere. He and his business are fully compliant with the laws and regulations of the Income-tax department and of all other regulatory authorities concerned. The allegation that he has undisclosed assets is preposterous, malicious and totally false," he added.

The former finance minister said if the government was of the view that his son has undisclosed assets then the ruling dispensation at the Centre should make a list of such alleged undisclosed assets.

"Karti will voluntarily execute any document necessary to transfer those assets (allegedly undisclosed) to the Government for a nominal consideration of Rupee 1. Let the Government become the owner of the alleged undisclosed assets," he said.

Karti has reportedly amassed a huge amount of wealth through his dealings between 2006-2014, when his father P. Chidambaram was a cabinet minister in the UPA regime.

According to reports, the investigators of the case have found the details of Karti's investments during their probe of the alleged acquisition of telecommunication company Aircel by Malaysian company Maxis.