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Karti Chidambaram’s properties worth Rs 54 crore seized in India and abroad

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The Enforcement Directorate on Thursday attached properties whopping Rs 54 crore of Karti Chidambaram in India, United Kingdom and Spain in connection with the INX media money laundering cases.

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The Enforcement Directorate (ED) has issued a provisional order under the Prevention of Money Laundering Act (PMLA). Properties in Kodaikanal and Ooty in Tamil Nadu and a flat in Delhi’s Jorbagh, are seized.

Karti Chidambaram —  son of former Finance Minister P Chidambaram, has been accused of getting government clearance for foreign investment to the tune of around Rs 300 crore for INX Media — a television company then owned by Peter and Indrani Mukerjea —  in exchange for bribes.

The properties attached by ED also included a cottage and a mansion in Somerset in UK and a tennis club located in Barcelona, Spain have also been attached.

The ED sources said, fixed deposits worth Rs 90 lakh, kept in a bank in Chennai, in the name of Advantage Strategic Consulting Private Limited (ASCPL) have also been attached.

The investigators also claimed to have used his father’s profile when he was Finance Minister in the UPA government. “The attached assets collectively amount to Rs. 54 crore,” it said.

While Karti Chidambaram flayed the raids and called them bizarre and outlandish provisional attachment order which is not based on law or facts but on crazy conjectures.

“This is meant only to grab headlines,” he tweeted. He said that the order will not withstand judicial scrutiny, and he would approach the appropriate legal forum.

What actually the case is?

The investigation agency, Central Bureau of Investigation (CBI) has alleged that firms having linked with Karti had influenced FIPB for approval of Rs 305 crore of irregular investment in INX media. This happened in 2007 when his father was the Finance Minister in UPA government.

The FIR has been registered against Karti, INX Media along with eight others and unknown officials of the finance ministry.

Also read: P Chidambaram: Arrests of activists an attempt to crush dissent

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