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‘Chidambarams’ investment grew from Rs 6.5cr to Rs 66cr’ | India News

NEW DELHI: In its charge sheet against former finance minister P Chidambaram, his son Karti, his chartered accountant S Bhaskararaman and others, the Enforcement Directorate has listed the details of his investments which “multiplied” from Rs 6.5 crore allegedly received as a bonus from INX Media, to Rs 65.9 crore in a matter of months.
A special court in Delhi learned of the charge sheet on Wednesday, prima facie according to the agency’s findings. Chidambaram and his son have been asked to be present in court on April 7 when the charges will be filed. Chidambaram once again denied the DE charges and said the subpoena was a routine judicial process.
“INX Media Pvt Ltd had made payments of Rs 6.5 million, detected to date, to various Karti P Chidambaram shell companies in India and outside India. The first illegal gratuity of Rs 3 crore was made through Span Fiber and Satyam Fiber to ASCPL, Kriya and CBNPMC, the companies owned by Karti as part of the management of P Chidambaram, ”stated the charge sheet.
INX Media payments were made during 2007-08. From the first installment of the “illegal bonus”, Advantage Strategic Consulting Pvt Limited (ASCPL), allegedly controlled by Karti, invested Rs 1.5 million in the purchase of 1.5 lakhs of Vasan Health Care shares. Later, ASCPL sold 30,000 shares of Vasan Health Care to Sequoia (SCI-GIH) for Rs 22.2 million, while another 36,245 shares were sold to Vasan Medical Hall for Rs 18.6 million, the ED claimed.
The revenue from the two sales was Rs 40.8 million. With more funds in its kitty, ASCPL bought shares of AGS Health Care for Rs 11 crore. These were sold for Rs 29.4 crore, generating a profit of Rs 18.4 crore, the ED claimed. Most of these transactions occurred within two years.
Together with the accumulated income and two other “illegal bonus” installments from INX Media, the “proceeds of crime” from the shell companies controlled by Karti reached Rs 65.9 million, the ED claimed.
The charge sheet stated that this income was laundered by “investing in property outside of India” through a subsidiary, ASCSPL, obtained in Singapore. With the proceeds of the crime, the defendant bought Surridge Farm in London and Gava Club in Spain, the ED said.

Times of India

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