Chidamabaram son's assets worth over Rs 1 cr attached

The Enforcement Directorate (ED) on Monday said it has attached Rs 1.16-crore worth of assets belonging to Congress leader P. Chidambaram's son Karti who is being probed for recieving alleged kickbacks in getting FIPB clearance in the Aircel Maxis deal when his father was union Finance Minister.

According to an ED official, the probe agency has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) and bank accounts and fixed deposits worth Rs 90 lakh were attached after he tried to "sell most of his assets and close certain bank accounts".

"During investigation, it was found that the FIPB (Foreign Investment Promotional Board) approval given in the Aircel Maxis case was given by former Finance Minister P. Chidambaram beyond his mandate," the official said.

The official said that fixed deposits worth Rs 26 lakh issued in the name of Advantage Strategic Consulting Private Limited (ASCPL) were also attached.

ASCPL is said to be linked to Karti who "controlled" it through another person.

The FIPB approval was supposed to go to Cabinet Committee of Economic Affairs, however, Chidambaram approved it on his own and the amount for FIPB clearance was wrongly projected to conceal the facts.

"During investigation, it was found that a company promoted by Karti and A. Palaniappan, nephew of Chidambaram, allegedly received two lakh dollars from Maxis Group in the guise of software consultancy."

The official said Karti recently sold a house in Gurgaon that the ED was planning to attach.

"This house was given on rent to a company that was granted FIPB approval by P. Chidambaram."

--IANS

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