Govt Sources: P. 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 etc.
While cases are under CBI and ED probe, during the course of the investigation, several shell companies of Karti Chidambaram, registered in India and abroad have been identified. In one such Shell company deposits of more than Rs 300 crores have been made.
The shell company of Karti Chidambaram also received huge payments from a company located in British Virgin Island and this company had figured in Panama Papers also.
The shareholders and directors of a main Shell company have made their will of transferring entire shareholding of the shell company to the granddaughter of P. Chidambaram and executer of the will is Karti Chidambaram.
The deposits in these shell companies have been used for meeting personal expenditure of P. Chidambaram and Karti Chidambaram, opening and depositing money in more than 2 dozen foreign bank accounts and purchasing several properties in Malaysia, Spain, UK, etc.
Even though several incriminating documents and emails were seized by ED & CBI from their premises, P. Chidamabaram and his son Karti Chidambaram have been constantly non-cooperative and withholding information.
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