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Aircel-Maxis case: Karti Chidambaram's Rs 11-mn assets attached under PMLA

Chidambaram was authorised to approve FDI only up to Rs 6 bn

ANI  |  New Delhi 

Karti Chidambaram
Photo: Reuters

The adjudicating authority of the (PMLA) on Tuesday confirmed attachment of Chidambaram's assets worth Rs 11.6 million his in connection with the

The Enforcement Directorate had attached movable assets in the form of Fixed Deposits and balance in saving bank account amounting to Rs 11.6 million held by and (ASCPL) under on September 23 last year in the said case.

The role of the former finance minister P in the Aircel-Maxis is also being investigated as he was the one who had allegedly bypassed the (CCEA) in granting the Foreign Direct Investment (FDI) approval to the Aircel-Maxis to the tune of Rs 35 billion.

was authorised to approve FDI only up to Rs 6 billion, the amount above that had to be cleared by the

"This attachment was done as the above amount is involved in money laundering concerning with the FIPB approval given to Aircel Limited on March 20, 2006, by the then Finance Minister for which he was not competent to approve," the Enforcement Directorate has said in a statement.

The investigation also revealed that a payment of Rs 2.6 million by (ATVL) (the seller of equity shares in this deal) was done to (ASCPL) within a few days of the Foreign Investment Promotion Board (FIPB) approval.

"Another sum of Rs 9 million approximately) was received by Chess Management Services Pvt. Ltd. (a company promoted by P Chidambaram) and Sh. A. Palaniappan (nephew of P. Chidambaram) from Maxis Group Company allegedly for legal compliance software. These payments were no genuine and bonafide in nature," the statement of the ED further read.

As per the investigative agency, Karti Chidambaram controlled with the help of S. Bhaskararaman, who was described as his CFO / CA and looks after his financial matters.

This comes at a time when the Supreme Court has directed the Enforcement Directorate to complete its investigation in the case within six months.

First Published: Wed, March 14 2018. 09:07 IST
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