INX Media case: ED attaches assets of Karti Chidambaram worth Rs 54 crore, Karti calls it 'bizarre and outlandish'

The Enforcement Directorate on Thursday attached assets worth Rs. 54 crore of Karti Chidambaram, son of former finance minister P Chidambaram, in connection with INX Media case. In a press release, Enforcement Directorate has attached the following immovable properties of Shri Karti P. Chidambaram and his company Advantage Strategic Consulting Pvt. Ltd. (ASCPL) in INX Media case:

  
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

   
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

 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
 

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

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.

An investigation conducted by the Directorate so far shows that for FIPB approval, Sh. Peter and Smt. Indrani Mukerjea met Finance Minister Shri P. Chidambaram so that there was no hold up or delay in their application. Sh. P Chidambaram asked for his son’s business interests to be kept in mind. ED identified payments of Rs. 3.09 crore by Peter Mukerjea to ASCPL and associated entities controlled by Karti P. Chidambaram through manipulated debit notes. During investigation, it was admitted that debit notes were raised on the directions of Sh. Karti P. Chidambaram to show some transaction which in fact did not occur. 

The money received by associated entities was channeled back into ASCPL. The funds received by ASCPL were invested and ASCPL also purchased shares of Vasan Health Care. A part of these shares were sold at a profit of nearly Rs. 41 crore. ASCPL also earned Rs.18.49 crore from sale of shares in another company for an amount of Rs.29.49 crore. These funds arising from the sale of the laundered property is also property involved in money laundering. Efforts are on to trace other proceeds of crime and laundered assets. Further investigation in this matter is continuing.

Minutes after the news surfaced, Karti Chidambaram took to Twitter and called it 'a bizarre and outlandish Provisional Attachment Order'.

Earlier in September, ED sought out custodial interrogation of Karti Chidambaram and said that he hasn't been cooperating - which was one of the conditions imposed on him while granting interim bail. 

As per the ED, Karti has shown "irritation" and sometimes even "anger" during interrogation and that he has been giving "tailor made responses" to their questions. The ED alleges that he is trying to derail the investigation.