Karti Chidambaram

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Karti Chidambaram
Member of Parliament, Lok Sabha
Assumed office
23 May 2019
Preceded byP. R. Senthilnathan, AIADMK
ConstituencySivaganga
Personal details
Born (1971-11-16) 16 November 1971 (age 48)
Chennai, Tamil Nadu, India
Political partyIndian National Congress
Spouse(s)Srinidhi Karti Chidambaram
ChildrenAditi Nalini Chidambaram
MotherNalini Chidambaram
FatherP. Chidambaram
ResidenceChennai, Tamil Nadu, India
Alma materUniversity of Texas at Austin (BBA)
Cambridge University (LLB)
OccupationBusinessperson, politician, lawyer

Karti Chidambaram (born 16 November 1971) is an Indian politician and businessman. He is a member of the Indian National Congress party. He is elected to Lok Sabha from Sivaganga in Tamil Nadu following the 2019 Indian general election.

In 2015–16, the New Indian Express and other newspapers uncovered his hidden ownership of a sprawling international network of companies. Government agencies have been investigating those companies' financing and transactions as part of an extensive corruption probe.[1][2]

Karti Chidambaram refuted these allegations by stating that the government can seize any undisclosed asset if it were to find any.[3] P Chidambaram also protested the allegations set forth by CBI and asked the agency to provide any proof of undisclosed assets.[4]

Early life and education[edit]

Karti Chidambaram's was born to Nalini Chidambaram and P Chidambaram in Chennai, Tamil Nadu.[5]

He earned his Bachelor of Business Administration from McCombs School of Business at University of Texas at Austin in 1993. He later earned Bachelor of Laws from Wolfson College at University of Cambridge in 1995.[citation needed]

Political career[edit]

After his graduation, he returned to Tamil Nadu where a political upheaval had taken place. P Chidambaram had broken away from the Congress and formed his own political party called Congress Jananayaka Peravai .Karti Chidambaram became a member of Congress Jananayaga Peravai and served as P Chidambaram's election manager in Sivaganga. In 2014, Karti Chidambaram unsuccessfully contested the Indian general elections on a Congress ticket from the Sivaganga Lok Sabha constituency.[6] He again contested and won in 2019 election.

Elections contested and positions held[edit]

Elections Constituency Party Result Vote percentage Opposition Candidate Opposition Party Opposition vote percentage
2014 Indian general election Sivaganga Indian National Congress Lost 10.18 Senthilnathan Pr AIADMK 46.32[7]
2019 Indian general election Sivaganga Indian National Congress Won 52.2 H. Raja BJP 21.6

Personal life[edit]

Karti Chidambaram is married to Dr. Srinidhi Rangarajan, a Bharathanatiyam dancer and physician who works with Apollo Hospitals. They have a daughter, Aditi Nalini Chidambaram.[8] She is an avid tennis player who had won many tournaments.[9]

Other activities and memberships[edit]

Karti Chidambaram has been associated with tennis for over three decades. He is the Secretary-General of the Indian Tennis Players Association (ITPA). He has held the position of Chairman of the Organising Committee for Chennai Open and was a former Vice-President of the All India Tennis Association. He is currently the Vice-President for the Tamil Nadu Tennis Association.[10]

He is also the President of the Tenpin Bowling Federation of India and Chief Patron of the All India Karate-Do Federation. He is a member of the inaugural class of the India Leadership Initiative (ILI) of the Aspen Institute, Chairman of the Asia 21 India Chapter of The Asia Society, Co-founder of the Chennai Chapter of Young Entrepreneurs Organisation, and Co-founder of www.karuthu.com (an "Online Public Opinion Forum").[11]

Karti Chidambaram is the Founder and Convenor of G67, a platform of like-minded, educated, aspirational youth of Tamil Nadu (born after the year 1967) to voice their opinion and champion relevant social causes.[12]

Law suits[edit]

Chidambaram is alleged to be involved in Aircel-Maxis and Sequoia Capital case .[13] The CBI investigated the role of former finance minister P Chidambaram in the takeover of telecom operator Aircel by Maxis. The investigating body found out that the finance minister and ministry's secretary were to clear an investment of up to Rs 6 billion. Maxis' investment in Aircel at the time was Rs. 30 billion. Thus, the ministry and FIPB had the legal hand to clear the investment.[14][15]

In April 2015, the Enforcement Directorate (ED) searched the Bengaluru offices of Sequoia Capital India, the Indian subdivision of a Mauritius-based investment fund, in connection with a probe of Vasan Healthcare Group, which was partly owned by Karti Chidambaram. Sequoia was suspected of abusing India's foreign direct investment policy.[1]

It was reported on 25 August 2015, that the ED had summoned two directors of Advantage, Vishwanath Ravi and C.B.N. Reddy, for questioning in Delhi under the Prevention of Money Laundering Act. They were interrogated in connection with the Aircel-Maxis case, a corruption scandal that had begun with a 2011 complaint by the owner of Aircel, a communications firm, who said he had been pressured to sell his stake in his company to Maxis, a data firm. The ED said it would later be summoning Karti Chidambaram himself in connection with the case.[16]

In a series of articles published in September and October 2015, the New Indian Express charged that Karti Chidambaram was the secret owner, or perhaps co-owner with his father, of a sprawling international network of companies. On 17 September 2015, the newspaper reported that Advantage had bought shares of Vasan Eye Care at a reduced price and had later sold the shares at a huge profit. Karti Chidambaram's name was mentioned in connection with these transactions. On 21 September, Karti Chidambaram's father denied any association between anyone in his family and Vasan and threatened to sue the newspaper. On 23 October, the Express produced a tax affidavit supporting its claims. In February 2017, Judge OP Saini quashed the Aircel-Maxis case.[1] Special Judge O P Saini said the court has "no hesitation in recording no prima facie case warranting" framing of charges against any of the accused in Aircel Maxis case.[17]

On 1 December 2015, the Income Tax Department and ED raided Vasan's and Chidambaram's offices. The next day, Karti Chidambaram's father said, "We have made it clear, repeatedly, that no member of my family has any equity or economic interest in any of the firms that are being targeted.…I condemn the attempt to link them to my son and harass them on that ground. If the government wants to target me, it should do so directly. My family and I are quite prepared to face the ‘malicious onslaught’ launched by government." On 16 December 2015, the ED seized Karti Chidambaram's laptop and files. He echoed his father's defense, saying, "Neither I nor any of my family members have any connections with the said firms."[18] The ED said it was probing a transaction between Karti Chidambaram and Aircel that had taken place immediately prior to the latter company's approval by the Foreign Investment Promotion Board.[1]

On 29 February 2016, the Pioneer newspaper reported that Karti Chidambaram was involved in extensive international business activities, many of them involving various tax havens.[18] Newly discovered documents showed that Karti Chidambaram had "built a massive empire for himself through investments in real estate and other financial dealings across the world." The fresh evidence revealed details of business deals in London, Dubai, South Africa, Philippines, Thailand, Singapore, Malaysia, Sri Lanka, British Virgin Island, France, the US, Switzerland, Greece, and Spain. It was reported that Karti Chidambaram had enriched himself especially from 2006 to 2014, the period when his father was Finance Minister and Home Minister.[19]

It was further revealed that Advantage Singapore, a subsidiary of Advantage, owned the following: 88 acres at Surridge Farm, Somerset; Cambridge-based Artevea Digital Ltd.; a majority stake in Lanka Fortune Residencies, which in turn owned several hotels; three farms and vineyards in South Africa; land in Thailand; part of BVI-based Full Innovations, Ltd.; a residential flat in Malaysia; franchises of Café Coffee Day in Malaysia; a Barcelona-based subsidiary, Advantage Estrategia Esportiva SLU; and a substantial percentage of the Pampelonn Organisation in France.[20]

On 1 March 2016, the upper house of India's parliament, the Rajya Sabha, adjourned after the AIADMK party demanded it take action against Karti Chidambaram for his business activities. On 2 March 2016, Karti Chidambaram repeated his claim that he was neither a shareholder nor a director of Advantage and that he knew nothing about Sequoia. On 19 April 2016, ED raided Sequoia, which had paid Advantage Rs 8,500 per share for 30,000 shares of Vasan that Advantage had acquired at Rs 100 per share. On 26 April 2016, the New Indian Express reported that Advantage had in actuality paid only a third, that is Rs 33 per share, of the recorded Rs 100 per share cost for the shares. It had then sold 60,000 shares of Vasan to Sequoia, taking Rs. 7,500 per share for the first 30,000 shares and an unknown sum for the other 30,000 shares. The ED believed that Karti Chidambaram was at the centre of these transactions.[20]

Also on 26 April 2016, the Express proved that the Chidambarams owned Advantage through what is known as "benami," or front-men, arrangements.[2] The evidence took the form of identical wills, drafted by Karti Chidambaram, signed by four front men, and executed on 19 June 2013, in which the front men left their shares of Advantage to Karti Chidambaram's daughter and named Karti Chidambaram as executor. The wills left 60% of Advantage Strategic to Chidambaram's family, and the rest to Ausbridge Holdings, which at the time owned two-thirds of Advantage. 95% of the shares in Ausbridge had been owned by Karti Chidambaram until 2011, but in that year "the going got hot" and he transferred his shares to Mohanan Rajesh, from whom he had bought Ausbridge. The remainder of the shares in Advantage had been handed over to the four "benamis," or front men: C.B.N. Reddy, Padma Viswanathan, Ravi Viswanathan, and Bhaskararaman.[21]

It was reported on 23 May 2016, that ED had sought information from the UK, UAE, South Africa, US, Greece, Spain, Switzerland, France, Malaysia, Singapore, Thailand, Sri Lanka and British Virgin Islands about properties and transactions of Advantage, Sequoia, WestBridge, and other firms purportedly linked to Karti Chidambaram.[22] On 5 July 2016, Karti Chidambaram failed to appear at the ED in response to a summons in connection with the Aircel-Maxis probe. The ED was investigating alleged violations of the Prevention of Money Laundering Act on the part of Advantage and Chess Global Advisory Services Pvt Ltd, of which Karti Chidambaram was a director.[2][23]

In June 2017, a 'Look Out Circular' (LOC) was issued by the Bureau of Immigration. The Madras High Court stayed the LOC against Karti Chidambaram stating that the issuance of the circular the day after issuing a summons to him was unwarranted. This was in response to a joint petition by Karti Chidambaram, C.B.N. Reddy, Ravi Visvanathan, Mohanan Rajesh and S. Bhaskararaman, who were all issued the circular. The petition stated that the Centre had been pursuing a politically motivated vendetta against the petitioner's family and the issuance of the LOC is the latest in a series of concerted actions by the Central government's agencies to damage the reputation of Karti Chidambaram and discredit his father, P Chidambaram.[24]

In August 2017, Karti Chidambaram appeared before the CBI in connection to a case involving FIPB approval of INX Media.[25]

In 2017, Karti Chidambaram initiated a campaign against corruption in elections. The campaign was launched in RK Nagar Constituency of Chennai by G67, an organisation of individuals born after 1967. Over 500 volunteers went door-to-door seeking signatures on a pledge to refuse accepting money while voting for a particular party.[26] While the campaign was criticised by some, several opposition party members came out in support of it.[27]

In February 2018, Karti Chidambaram was arrested by the CBI in a money laundering case, where he was accused of receiving Rs. 1 million money from a media company for using his influence to manipulate a tax probe against it.[28][29]

In October 2018, the Enforcement Directorate said it has attached assets worth Rs. 54 crore of Karti Chidambaram in India, Spain and the UK in connection with a money laundering case related to INX Media, an action termed "bizarre and outlandish" by him.[30]

In May 2019, Karti approached the Supreme court for return of his amount deposited for travelling abroad. The court however advised him to pay attention to his constituency instead.[31]

References[edit]

  1. ^ a b c d "ED Raids Karti's Bengaluru Company in Vasan Case". The New Indian Express. 20 April 2016. Retrieved 20 October 2016.
  2. ^ a b c Kumar Singh, Sumit (5 July 2016). "Aircel-Maxis deal: Karti Chidambaram gives ED investigation a miss". The New Indian Express. Retrieved 20 October 2016.
  3. ^ "Reveal Karti's 'undisclosed assets', Chidambaram dares CBI – Times of India".
  4. ^ "Karti Chidambaram says no undisclosed assets abroad, dares govt to seize if any". 11 September 2017.
  5. ^ "P Chidambaram Files Nomination For Rajya Sabha From Maharashtra". NDTV. 31 May 2016. Retrieved 22 February 2017.
  6. ^ Anuja (4 March 2016). "My only link to Aircel-Maxis is a SIM card, says Karti Chidambaram".
  7. ^ "Constituency wise detailed result, 2014 to the 16th Lok Sabha" (XLS). Election Commission of India. 2014. p. 32. Retrieved 24 February 2019.
  8. ^ "Moves and Memories". The Hindu. 22 May 2014. Retrieved 20 October 2016.
  9. ^ "Karti P Chidambaram: All you need to know". 28 February 2018.
  10. ^ "AITA needs to support players more: Karti". 8 January 2017.
  11. ^ "AITA removes Karti Chidambaram from VP's post". The Hindu. 13 September 2014. Retrieved 20 October 2016.
  12. ^ "Karti's G67 launches campaign in R K Nagar – Times of India".
  13. ^ Pathak, Vikas (22 January 2017). "All my assets are in public domain: Karti". The Hindu.
  14. ^ "Bogus case against P Chidambaram in Aircel-Maxis deal". 24 September 2014 – via The Economic Times.
  15. ^ "CBI raids on Chidambaram and son Karti: Bureaucrat-politician corruption nexus set to take massive hit - Firstpost". www.firstpost.com.
  16. ^ Thakur, Pradeep (25 August 2015). "ED summons directors of firm allegedly linked to Karti Chidambaram". The Times of India. Retrieved 20 October 2016.
  17. ^ "No case against Kalanithi Maran, misreading of files led to Aircel-Maxis probe: Court". 3 February 2017.
  18. ^ a b "Vasan Eye Care Scam: How Express Exposed Chidambaram's Lies". The New Indian Express. 26 April 2016. Retrieved 20 October 2016.
  19. ^ "Aircel-Maxis scam: Raids by IT-ED reveal Karti Chidambaram amassed huge wealth, built massive empire overseas". DNA India. 29 February 2016. Retrieved 20 October 2016.
  20. ^ a b "EXCLUSIVE: Karti Chidambaram Holds Global Empire Through Benamis". The New Indian Express. 26 April 2016. Retrieved 20 October 2016.
  21. ^ "Not Just Ishrat: P Chidambaram In Hot Water Over Son Karti's Benami Empire". Swarajya. 26 April 2016. Retrieved 20 October 2016.
  22. ^ Chauhan, Neeraj (23 May 2016). "ED approaches 14 countries for info on Karti-linked cos". The Times of India. Retrieved 20 October 2016.
  23. ^ "CBI raids Karti Chidambaram, alleges he got father's ministry to clear FDI for INX media". 17 May 2017.
  24. ^ "'Look Out Circular' against Karti Chidambaram stayed". The Hindu. 10 August 2017.
  25. ^ "It's political vendetta, alleges Congress on action against Karti Chidambaram, Robart Vadra's firm". 23 August 2017.
  26. ^ "Karti's G67 launches campaign in R K Nagar – Times of India".
  27. ^ "Karti to launch 'no cash for vote' drive in RK Nagar". 26 March 2017.
  28. ^ "INX Media money laundering case: CBI arrests Karti Chidambaram – Times of India ►".
  29. ^ "Held on arrival for Rs 10 lakh".
  30. ^ "INX Media PMLA case: ED attaches Karti's assets worth Rs 54 crore in India, abroad". 11 October 2018 – via The Economic Times.
  31. ^ "'Pay Attention to Your Constituency': On Karti Chidambaram's Petition, SC Hands Out Advice". News18. Retrieved 29 May 2019.

See also[edit]