ED Attaches 54 Crore Worth Properties For Karti Chidambaram

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Karti Chidambaram

The Enforcement Directorate on Thursday froze the assets of former Union Minister P Chidambaram’s son Karti Chidambaram. According to reports, the move comes as part of the ongoing investigation into the Chidambaram family’s involvement in the INX Media case.

Domestic Properties

1.    Description of the property: Agricultural Land

       Location: Kodaikanal

       Value: Rs.25 lacs

       Registered Name: ASCPL

 

 

2.    Description of the property: Colladia at  Ooty (Bungalow)

       Location: Ooty

       Value: Rs.3.75 Crore

       Registered Name: ASCPL

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3.   Description of the property: Bungalow at Kothagiri

       Location: Ooty

       Value: Rs.50 lacs

       Registered Name: ASCPL

 

 

4.    Description of the property: Land and property

       Location: Jorbagh, New Delhi

       Value: Rs.16 crore

       Registered Name:  (50% share of Shri Karti P. Chidambaram) Shri Karti P.

       Chidambaram and Smt. Nalini Chidambaram

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 International property:

5.    Description of the property:  House, cottage, Stone barn and land

       Location: Surridge farm, Bathealton, Somerset

       Value: Rs.8,67,81,250

       Registered Name:  Advantage Strategic Consulting Pte. Ltd, Singapore

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6.    Description of the property: Tennis Club and Land located in Municipality of Gava province of Barcelona

       Location: Camino Del Riuet, Gava, Barcelona, Spain

       Value:  Rs.14,57,62,385

       Registered Name:  Advantatge Estrategia Esportiva S.L.U

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Fixed Deposits of Rs. 90 lakh in the name of ASCPL with DCB Bank, Nungambakkam Branch, and Rs. 9,23,46,407/- in the name of Sh. Karti P Chidambaram with Indian Overseas Bank, Nungambakkam Branch have also been attached. The attached properties collectively amount to Rs. 54 crore.

Karti is facing a probe for his alleged role in facilitating the Foreign Investment Promotion Board (FIPB) clearance for INX Media when his father was the Union Finance Minister. The CBI FIR names INX Media directors, Peter and Indrani Mukerjea – both accused in the Sheena Bora murder case.

Karti is alleged to have received Rs. 3.5 crore from Mumbai-based INX Media, now 9X Media, for helping the company get the FIPB clearance when it was run by the Mukerjeas. The ED, which is probing financial misappropriation in the case, has contended that the Mukerjeas had

“Allegedly siphoned off 90 million pounds and the money is suspected to have gone to foreign countries through hawala routes.”

Following the FIPB clearance, INX Media said it had received Foreign Direct Investment (FDI) of Rs. 46.20 million, but actually received Rs. 3,053.60 million between August 2007 and May 2008, the ED said.

Accordingly, this excess foreign exchange equivalent to Rs. 3,004.40 million, beyond the disclosed permitted foreign investment, was received by INX Media from three Mauritius-based investors, the ED had said.

Karti Chidambaram shared his initial reactions on Twitter, calling it,

“Bizarre and outlandish Provisional Attachment Order which is not based on law or facts but on crazy conjectures. This is meant only to grab ”headlines”. The ”order” will not withstand judicial scrutiny, review or appeal. Will approach the appropriate legal forum.”

In another official press statement, Karti tweeted that the provisional order of attachment passed by the Directorate of Enforcement is an exparte order based on the alleged transactions of companies. The Press Release also stated that Karti Chidambaram is neither a shareholder nor a director.

Former Finance Minister’s son will be contesting the said order.

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