ED attaches Karti Chidambaram’s properties worth Rs 11 crore in Coorg

The Directorate of Enforcement (ED) has attached four properties valued at Rs 11.04 crore belonging to Karti Chidambaram in connection with the money laundering linked to the INX Media corruption case which took place during his father PC Chidambaram’s tenure as finance minister.

According to a ED in a press release, a total of four properties, three movable and one immovable property located in Karnataka’s Coorg district, have been attached under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).

The ED had started proceedings under PMLA against Karti Chidambaram, M/s Advantage Strategic Consulting Pvt Ltd (ASCPL) and others on the basis of an FIR registered by the CBI for the commission of offences punishable under various sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988.

During the investigation conducted by ED, it is revealed that illegal gratification (proceeds of crime) was received directly and indirectly from M/s INX Media Pvt. Ltd., to which accused P Chidambaram had granted FIPB approval, through several shell companies controlled/beneficially owned/used by another accused Karti Chidambaram, the investigation agency stated.

Illegal gratification was received by the company of the accused from INX Media in the name of providing consultancy, ED said.

“The total proceeds of crime laundered over a period of time is Rs 65.88 crore. The money was routed to overseas accounts and investment was made in various overseas properties and shares of companies through various shell companies directly or indirectly controlled by Karti Chidambaram and through his confidants,” the ED statement explained.