The Enforcement Directorate on Monday issued a showcause notice to Karti Chidambaram and two other Chennai-based companies for alleged violation of Foreign Exchange Management Act to the tune of Rs 45 crore. Chidambaram is the son of Congress veteran and former Union minister P Chidambaram.
Apart from Chidambaram, M/S Advantage Strategic Consulting Private Limited was also involved in the transaction. The agency also issued a similar notice to another firm, M/s Vasan Health Care Private Limited, for alleged forex violations of Rs 2,262 crore. “The total amount of contravention identified on different counts and found to have been committed by M/s Advantage Strategic Consulting Private Limited in the sale transaction of shares of Vasan to overseas investors is around Rs 45 crore... Chidambaram appears to be the controller and ultimate beneficiary in these transactions,” read the notice, according to PTI.
Congress leader P Chidambaram said the BJP government cannot silence his voice or stop his writing by targeting his son with a “baseless” notice. “No notice has been served upon Karti Chidambaram so far,” he said, “If a notice is received, a suitable reply will be sent.”
Karti Chidambaram is also accused of facilitating bribes in the Aircel-Maxis transaction. The Aircel-Maxis deal is part of the bigger 2G spectrum scam. In August 2015, the ED had issued summons to two directors of a firm linked to Karti Chidambaram after an investigation revealed that Rs 26 lakh had allegedly been sent from the firm to Aircel Televentures. A firm owned by Karti Chidambaram also allegedly received payments from Maxis after the deal was executed.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!