Former Union Minister for Home and Finance, P. Chidambaram, is in a tight spot. He has been running from pillar to post in order to secure bail, however, the Judiciary doesn’t appear to be in a mood to award him special privileges on this occasion.
Investigative authorities believe that they have a solid case against the senior Congress leader. He is an accused in the INX Media scam and faces allegations of corruption and money laundering. OpIndia.com has now learnt from government sources the details on proceedings against Chidambaram.
As per sources, Chidambaram’s modus operandi revolved around granting illegal FIPB clearances to receive kickbacks, often paid through various shell companies floated by his son Karti Chidambaram. There are several such cases, namely, Aircel Maxis, INX Media, Diageo Scotland, Katara Holdings against him. These cases are currently being investigated by the CBI and Enforcement Directorate.
During the course of the investigation, several shell companies of Karti Chidambaram, registered in India and abroad were identified. In one of these companies, deposits of more than Rs 300 crores were made. A shell company that belongs to Karti Chidambaram has also allegedly received huge payments from a company located in British Virgin Island which had figured in the Panama Papers as well.
The shareholders and directors of a shell company have made their Will of transferring entire their shareholding of the said company to the granddaughter of P. Chidambaram and the executor of the will, as per our sources, is his son, Karti Chidambaram.
Allegedly, the deposits in these shell companies have been used for meeting personal expenditure of the father-son duo, more than two dozen foreign bank accounts have been opened where the money was allegedly deposited and several properties in Malaysia, Spain, UK and other countries were purchased with the said money.
Even though several incriminating documents and emails were seized by the ED and CBI from their premises, P. Chidambaram and his son Karti Chidambaram have been constantly non-cooperative and withholding relevant information, we are told.