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Aircel-Maxis case: ED attaches Karti Chidambaram's assets, fixed deposits worth Rs 90 lakh

Adding to the long list of setbacks for Karti Chidambaram, the Enforcement Directorate has attached the assets of former finance minister P Chidambaram's son, and frozen all his accounts in a probe related to the Aircel-Maxis case, media reports said on Monday.

The assets attached include fixed deposits worth Rs 90 lakh and bank accounts, reported CNN-News18.

According to India Today, Karti reportedly tried to close his bank accounts and sell off his properties. However, speaking to CNN-News18, Karti denied receiving any notice in relation to the freezing of assets.

 Aircel-Maxis case: ED attaches Karti Chidambarams assets, fixed deposits worth Rs 90 lakh

File image of Karti Chidambaram. CNN-News18

During the investigation, it was found that the Foreign Investment Promotion Board (FIPB) approval given in the Aircel-Maxis deal was given by P Chidambaram beyond his mandate.

FIPB was a national agency of central government with the remit to consider and recommend foreign direct investments (FDI).

In the Aircel-Maxis deal, the FIPB approval was supposed to go to the Cabinet Committee of Economic Affairs. However, the probe found that P Chidambaram gave the approval on his own.

ED, in its investigation, also found that the amount for FIPB approval was wrongly projected to conceal the facts.

ED also found that a company promoted by Karti and P Chidambaram's nephew A Palaniappan allegedly received $2 lakh from the Maxis Group in the guise of software consultancy, reported ANI.

Karti recently sold a house in Gurugram, which the ED was planning to attach. This house was given on rent to a company that was granted FIPB approval by P Chidambaram.

In April, P Chidambaram had reiterated that the approval given (by him) to the deal was in the "normal course of business" after FIPB submitted the case to him after taking into account the face value of the investment.

He had also said that the CBI has recorded statements from every official who dealt with the case.

"Everyone, including the then secretary and the additional secretary, has affirmed that the case was rightly submitted to the finance minister who was the competent authority to grant approval and that the approval was granted in the normal course of business," he had said in the statement.

His clarification had come following BJP leader Subramanian Swamy's statement to a Supreme Court bench that the CBI was probing "all angles", including the FIPB clearance given to the deal in 2006.

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Updated Date: Sep 25, 2017 14:56:26 IST

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