Trouble mounts for INX Media scam accused Karti Chidambaram as intelligence agencies have claimed that they are in possession of emails allegedly sent and received by Karti Chidambaram relating to investment decisions of a “shell company” Advantage Strategic Consulting Private Limited (ASCPL), reports Economic Times.
As per the report, the agencies claimed that the mails clearly demonstrate Karti was issuing instructions to CBN Reddy, one of the directors of the company, and his chartered accountant S Bhaskararaman, who is also a co-accused in INX media regarding such decisions of the company.
Even though Karti has denied any kind of business involvement with the company, the two directors, Ravi Visvanathan and Padma Bhaskararaman have revealed before the ED that Karti was the “actual owner and controller” of the company.
Last year the ED had confronted Karti with a host of emails and documents relating to the company allegedly recovered from his computer. During the probe, one such email (October 3, 2014) was allegedly written by Karti Chidambaram to Croatian tennis player Ivan Ljubicic and his wife Aida Ljubicic for negotiating investment in a company to be set up in Monaco in partnership with ASCPL. Ljubicic is now tennis player Roger Federer’s coach.
“The purported email could refer to communication with Ivan Ljubicic, a famous tennis player who is currently Roger Federer’s coach. CBN Reddy and I have shared a passion for tennis. I have been involved in advising Reddy in potential tennis-related investments. I am aware of all tennis activities of his company (ASCPL),” Karti had said in response.
Reportedly, in this Monaco based company, former Tennis player Ivan Ljubicic has 40000 shares and Karti’s another London based company Totus Tennis Ltd. has 9500 shares. In this agreement, Totus Tennis is represented by Karti Chidambaram.
According to PGurus, the IT and Enforcement Directorate (ED) officials’ in a joint raid had found an investment proposal of five million Euros from a computer in Karti’s company. As per the proposal unearthed from the computing device, Advantage Strategic Consulting Singapore Private Limited has proposed to invest Euro 5 Million in Hotel Mozart at Opatija in Croatia.
Hotel Mozart is a famous hotel in Croatia. Coincidentally, the major shareholder of this hotel is Ivan Ljubicic.
When quizzed over the recovery of confidential documents relating ASCPL from his computer, Karti told ED, “I am not involved in making decisions regarding ASCPL investments.” He said that since the directors of the company consulted him frequently for “friendly advice”.
The ED had also cornered Karti on emails sent by Bhaskararaman of bills and expenditure for ASCPL from Karti. Confronting him with documents recovered, ED had asked Karti to explain as to why vendors, customers, business associates, lawyers etc., routinely dealt with him for affairs of ASCPL and its subsidiaries.
Denying any involvement with ASCPL, Karti reportedly said that he “advised” them on investments on a “friendly basis”. The ED had also questioned Karti on how so many confidential documents of Advantage, including all its agreements, etc., were recovered from his computer/hard disc.
“I am aware broadly of their investments. They seek my advice often, particularly regarding the tennis sector,” said Karti.
Karti Chidambaram was also reportedly questioned over a joint venture involving the company and was shown an email written by Reddy to Bhaskararaman on December 2, 2014, which read “Will sign tomm. Request u to check that K’s name does not appear anywhere.
Denying any role in the joint venture or “hidden interest” in Reddy’s company, Karti told ED, “ASCPL is an independent company with distinct shareholders and directors.” Karti has said that he has no financial interest directly or indirectly in the company.