Swamy shot off a letter to Prime Minister Manmohan Singh seeking Chidambaram's resignation and directing CBI to include the names of the Minister and his son in the FIR on Aircel- Maxis deal along with former Telecom Minister Dayanidhi Maran.
If this is not done, the Janata Party president told a press conference, he will approach court seeking a direction in this regard.
Karti, who is said to be abroad, could not be contacted for his comments.
Swamy alleged that there was a "dubious transaction" between a firm "controlled" by Karti and Aircel in March 2006, just before Maxis' investment of Rs 4,000 crore.
Chidambaram as Finance Minister had ensured that Foreign Investment Promotion Board (FIPB) clearance on Aircel-Maxis deal be given only after Karti-controlled company got share in the Aircel, he alleged.
He said he had already written to CBI, Enforcement Directorate and Registrar of Companies regarding "dubious financial transactions" during the period of the deal.
Swamy alleged that CBI and ED were limiting their probe to the role of Maran and his brother in the matter.
"It is not possible for the CBI officers who mainly belong to IPS cadre to probe the Minister and his son even though they have solid proof...
An impartial probe is not possible for CBI officials when Chidambaram remains the Home Minister," he said. PTI SJY VSC