Chidambaram says he is real target, Karti being targeted for being his son

Former finance minister P Chidambaram said his son runs a legitimate business, apart from managing inherited property

Former finance minister P Chidambaram on Sunday said Karti is being targeted only because he is his son but "the real target is me" and rejected as "malicious and totally false" allegations that he has undisclosed assets abroad.

Chidambaram also said that if the government is of the view that Karti has alleged undisclosed assets he would ask it to make a list in this regard and his son will voluntarily execute any document necessary to transfer such assets to it for a nominal consideration of rupee one.

He was reacting to a recent media report about the alleged investments of Karti in real estate across the world.

"A few days ago, a news report was published containing wild and reckless allegations against my son, Karti Chidambaram, and by implication against me. It was obvious to everyone that it was a planted story," he said.

"If the government is of the view that Karti Chidambaram has undisclosed assets, I would ask the government to make a list of such alleged undisclosed assets. Karti Chidambaram will voluntarily execute any document necessary to transfer those assets (allegedly undisclosed) to the government for a nominal consideration of rupee one. Let the government become the owner of the alleged undisclosed assets," he added.

The media report alleged that Karti has built a huge empire for himself in different parts of the world by making investment in real estate and engaging in other business activities in 14 countries and that this had come to light through documents recovered during raids by Enforcement Directorate and investigation wing of income-tax department in the Aircel-Maxis scam.

"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 in a statement.

He said Karti runs a legitimate business, apart from managing inherited property, adding he has been an income tax assessee for many years.

Chidambaram also said that Karti has duly and regularly filed his income tax return, including a statement of assets and liabilities, every year and that the assessments have been completed up to Assessment Year 2013-14 by the income-tax department.