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Karti Chidambaram: Other cases and allegations against him

Here are other cases and allegations against Karti Chidambaram.

Karti Chidambaram: Other cases and allegations against him

New Delhi: Karti Chidambaram, son of former Finance Minister P Chidambaram was on Wednesday arrested by the CBI from Chennai in connection with its ongoing probe into the INX media case.

The CBI had registered an FIR against Karti Chidambaram last year on charges of criminal conspiracy, cheating, accepting gratification by corrupt or illegal means, influencing public servants and criminal misconduct.

Karti Chidambaram allegedly received Rs 3.5 crore from the Mumbai-based INX media, now 9X Media, for helping it get Foreign Investment Promotion Board (FIPB) clearance, when it was run by Peter and Indrani Mukerjea, both accused in the Sheena Bora murder case.

Here are other cases and allegations against Karti Chidambaram

Forex violation case involving Vasan Health Care Private Limited

The Enforcement Directorate (ED) has issued showcause notice to Karti in connection with allegedly violating Fema norms to the extent of Rs 45 crore. The notice has been issued to a company, Ms Advantage Strategic Consulting Private Limited, which is reportedly linked to Karti Chidambaram for alleged foreign exchange violations.

As per the investigating agency, the violations on different occasions have been found to be committed Ms Advantage Strategic Consulting Private Limited in the process of selling shares worth Rs 45 crore of Vasan Health Care Private Limited to overseas investors.

The total amount of contravention identified by the ED, under the provisions of the Foreign Exchange Management Act (FEMA), by M/s Vasan Healthcare Private Limited and its overseas investors on different counts in the investments received from overseas investors is around Rs 2,100 crore and and additional Rs 162 crore, thereby totalling to Rs 2,262 crore..

Aircel-Maxis deal

The ED is investigating P Chidambaram and his son Karti's alleged role in the controversial Aircel-Maxis deal. He allegedly played a role in breach of norms in permitting Malaysian firm Maxis to acquire stake in Aircel through FDI. Karti's role is being questioned for getting a go-ahead to foreign funding in the deal between Aircel and Maxis when his was the finance minister under the UPA government.

Allegedly, the senior Chidambaram illegally permitted sale of 100 percent shares of an Indian company Aircel to the Malaysian company Maxis when legally, the limit was 74 percent. It also has been alleged that the Malaysian company, through many other companies, gave a bribe to Karti.