The ongoing probe against Karti Chidambaram’s ‘alleged’ financial irregularities has yielded no results so far. Enforcement Directorate officials probing the case against son of former finance minister P Chidambaram are now relying on letters rogatory (LRs), a formal request to court in other countries for details.
ED sources say that the agency through these LRs plan to cover 21 countries including Singapore, the UK, the Philippines, South Africa, Dubai, Sri Lanka, Thailand, Singapore, and Spain among others for any information of trusts allegedly owned by Advantage Strategic Consultancy (P) Ltd, a firm allegedly linked to Chidambaram and its subsidiaries.
Sources inside the Karti Chidambaram camp also hint at political vendetta as they allege that “a certain ED official” whose induction was opposed by former finance minister P Chidambaram is the reason behind the summons.
The case was registered last year by the agency under Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA) and nothing major has come up against Karti.
ED suspects that the benami trusts were created overseas where Advantage Strategic Consultancy signed agreement and acquired several firms, trusts and made investments from 2004 to 2013 when the United Progressive Alliance government was in power. The agency, however, is yet to issue any attachments order under PMLA against the companies named in its probe.
Earlier this year Chidambaram had criticised the government over the probe and said that it was “an attempt to harass the family” he also added that firms being probed by ED belonged to his friends. “They are owned by professionals and managed by competent Board of Directors,” he had said. Karti Chidambaram had been issued summons on several occasion asking him to join the probe. The agency has earlier raided two venture capitalist, Westbridge Capital India Advisors and Sequoia Capital India Advisors to question the investments made by them. During its probe, ED claimed Vasan Eye Care sold nearly 1.5 lakh shares to Advantage at ₹100 each in 2008.
The ongoing probe against Karti Chidambaram’s ‘alleged’ financial irregularities has yielded no results so far. Enforcement Directorate officials probing the case against son of former finance minister P Chidambaram are now relying on letters rogatory (LRs), a formal request to court in other countries for details.
ED sources say that the agency through these LRs plan to cover 21 countries including Singapore, the UK, the Philippines, South Africa, Dubai, Sri Lanka, Thailand, Singapore, and Spain among others for any information of trusts allegedly owned by Advantage Strategic Consultancy (P) Ltd, a firm allegedly linked to Chidambaram and its subsidiaries.
Sources inside the Karti Chidambaram camp also hint at political vendetta as they allege that “a certain ED official” whose induction was opposed by former finance minister P Chidambaram is the reason behind the summons.
The case was registered last year by the agency under Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA) and nothing major has come up against Karti.
ED suspects that the benami trusts were created overseas where Advantage Strategic Consultancy signed agreement and acquired several firms, trusts and made investments from 2004 to 2013 when the United Progressive Alliance government was in power. The agency, however, is yet to issue any attachments order under PMLA against the companies named in its probe.
Earlier this year Chidambaram had criticised the government over the probe and said that it was “an attempt to harass the family” he also added that firms being probed by ED belonged to his friends. “They are owned by professionals and managed by competent Board of Directors,” he had said. Karti Chidambaram had been issued summons on several occasion asking him to join the probe. The agency has earlier raided two venture capitalist, Westbridge Capital India Advisors and Sequoia Capital India Advisors to question the investments made by them. During its probe, ED claimed Vasan Eye Care sold nearly 1.5 lakh shares to Advantage at ₹100 each in 2008.
“If the ED has a case, then they should go after Karti. But ED hasn’t even replied to Karti’s lawyer’s letter to them. There is obviously something amiss here,” said an official on grounds of anonymity.
