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CBI asks 5 nations for details of Chidambarams' companies

  •   Fri, Aug 23 2019 08:54:26 PM

New Delhi, Aug 23 (IANS): The Central Bureau of Investigation (CBI) has asked five countries to identify companies and bank accounts owned by former Union Minister P. Chidambaram and his son Karti Chidambaram, an official said on Friday.

A senior CBI source related to the probe told IANS that "letters rogatory have been sent to five countries - United Kingdom, Switzerland, Bermuda, Mauritius and Singapore - seeking details of shell companies allegedly floated by Chidambaram and his son and their connected bank account details."

The agency's action comes two days after it arrested Chidambaram in connection with alleged irregularities in the Foreign Investment Promotion Board approval in 2007 to the INX Media for receiving overseas funds of Rs 305 crore during his tenure as Finance Minister.

The Enforcement Directorate later registered a case of money laundering on the basis of the CBI's FIR. The source said that the agency suspects that father-son duo held several immovable properties and over 16 bank accounts in these countries.

The source also said that the Enforcement Directorate probe has highlighted how the persons connected with the shell companies have executed a will in favour of Chidambaram's granddaughter.

Chidambaram was arrested on Wednesday night from his residence in Delhi's upscale Jor Bagh area after high drama, while CBI officials scaling the six-foot-high boundary to enter his residence.

A Delhi court on Thursday sent Chidambaram to CBI custody till Monday.
  

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Comment on this article

  • NN, NN

    Sat, Aug 24 2019

    India has a unique kind of negotiable instrument called participatory notes which were used to bring back the black money to India from overseas. There were no questions asked about the source when they bring back the black money through participatory notes. Many people brought the overseas money through shell companies and invested in India. PC may be a small fly with Rs.305 crores. There may be big sharks who brought money in billions through back doors and invested in India. If they had bring money through Mauritius, then they don't even have to pay capital gain tax of 30% because Mauritians are exempted from paying capital gain tax on their investments in India. Looks like this system was specifically created to bleach the black money. Why only PC, why not others? Why the CBI is asking the sources now?

    DisAgree [1] Agree [7] Reply Report Abuse

  • Sanjeev Kamath, Udupi / Seattle

    Sat, Aug 24 2019

    MY GOD!!!!! Thoooooo . . . .
    Google again: Participatory notes also referred to as P-Notes, or PNs, are financial instruments required by investors or hedge funds to invest in Indian securities without having to register with the Securities and Exchange Board of India.
    What a prevaricated post, NN from NN - No Nothing!!!!

    DisAgree Agree Reply Report Abuse

  • NN, NN

    Sat, Aug 24 2019

    Pros and Cons of Participatory Notes
    Participatory notes are easily traded overseas through endorsement and delivery. They are popular because investors anonymously take positions in Indian markets, and hedge funds may anonymously carry out their operations. Some entities route their investments through participatory notes to take advantage of tax laws that are available in certain countries.

    However, because of the anonymity, Indian regulators face difficulty determining a participatory notes original owner and end owner. Therefore, substantial amounts of unaccounted for money enters the country through participatory notes. This flow of untracked funds has raised some red flags. (Source:Google)

    Sanjeeva, did you thoooo looking at the sky? Your thooo explains your knowledge. If you know any better, please explain.

    You can open up a shell company in Marutius paying a few dollars. Then transfer your money from Swiss bank to your shell company - No questions asked. Then withdraw your money in cash and get a P-Note and invest in securities. If your company registered in Marutius, you are exempted from paying tax on capital gain derived from your investments in India. IMPORTANT NOTE: P-NOTES CAN BE BROUGHT ANONYMOUSLY. This is how most of the black money came to India through backdoor and this is why the real estate prices jumped 10 times for last decade.

    DisAgree Agree Reply Report Abuse

  • Mohan Prabhu, Mangalore (Kankanady)/Ottawa, Canada

    Sat, Aug 24 2019

    PC as FM knew how to siphon monwy and hide his loot offshore where money is deposited by all crooks and is beyond reach! Ask Nirav M.

    DisAgree [2] Agree [8] Reply Report Abuse

  • T.Dsilva, Udupi

    Sat, Aug 24 2019

    It's like dogs after biting ,desperately searching for the reason. Why didn't CBI checked these things before.

    DisAgree [4] Agree [11] Reply Report Abuse

  • Sanjeev Kamath, Udupi / Seattle

    Sat, Aug 24 2019

    Google for Enron India legal case and PC weds NDTV just for the first two samples of how this traitor Chidambaram defended Enron against the Country and made India pay Enron USD 5.2 billion. Enron came into being during the tenure of Sharad Pawar as Chief Minister.

    When he was the Finance Minister replaced the reputed Harish Salve by Pakistani lawyer Khawar Qureshi (a congenital legal failure but paid thrice the Salve's fee) to fight case FOR India. Chidambaram continued to represent Enron and ensured that it won the case against India.

    Chidambaram, the keeper of public money and public revenue involved in biggest money laundering scam of over Rs 5,500 crores by NDTV, which has the reputation of 4 other major scams.

    That answers Mr Jossey Saldanha's desperations, zero awareness and blind slavery.

    DisAgree [3] Agree [2] Reply Report Abuse

  • I wish I was There, Bahrain

    Sat, Aug 24 2019

    We still cannot get people who are in London taking shelter, now talking on Five Nation,

    Please don't give the Indian people BS.

    DisAgree [1] Agree [3] Reply Report Abuse

  • Jossey Saldanha, Nashville

    Fri, Aug 23 2019

    Desperations ...

    DisAgree [10] Agree [11] Reply Report Abuse

  • DAB, Udupi

    Sat, Aug 24 2019

    Former Home Minister is custody. It is a shame to the nation. Proud to the Congress Party, Jossey Mamu.

    DisAgree [5] Agree [5] Reply Report Abuse

  • YOGI THUNTA, MANGALURU - NEAR PUMPWELL CIRCLE

    Fri, Aug 23 2019

    How dare these politicians do this kind of business on public accounts ? The famous minister used all the privilege as per the constitution and cheated the people ! it is not done Mr,Chidamaraba ! where you will take all the wealth and the same was couldn't saved JAYALALITHA on her bad health days ? And you people are burden to the society of India as they pay you all means in the name TAXES and you play with their emotions called PATRIOTISM HINDUISM ONE MATARAM, SAY JAI SRI RAM, WOMEN EMPOWERMENT INDIRA CANTEEN AND BHAGYA

    DisAgree [2] Agree [14] Reply Report Abuse

  • Vincent D'Souza, Belthangady

    Fri, Aug 23 2019

    This Mr. Chi once attempted to tax NRIs to grab the hard earned money of overseas workers. Does he know that 70% of Indian Overseas Workers toil under harsh conditions to feed back their families. Freeze all his assets and put him behind bars. Very shrewd man!

    DisAgree [5] Agree [19] Reply Report Abuse

  • Vande Mataram, Udupi

    Fri, Aug 23 2019

    Why CBI and ED are not working so diligently to extradite Nirav Modi, Lalit Modi, Mehrul Chowksi, Vjaya Mallya as they are still Indian citizens and have been identified of their locations??????.
    CBI will get Gobar and Gau urine from these 5 countries since it is not thier duty to do search work legally for you. If you have any solid evidence then present it to them then they will verify and investigate. Blinds taking dictation from blinds then both will fall in pit.

    DisAgree [6] Agree [20] Reply Report Abuse


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