Karti is being targeted because he is my son, real target is me: P Chidambaram

Chidambaram said that if the Govt is of the view that Karti has alleged undisclosed assets he would ask it to make a list and his son will voluntarily execute any document necessary to transfer such assets

By: Express News Service | New Delhi | Updated: March 7, 2016 7:22 am
chidambaram, karti chidambaram, karti money laundering, karti aircel-maxis deal, karti scams, karti real estate company, karti income tax, india news, latest news Former finance minister P Chidambaram (Source: PTI)

 

DISMISSING RECENT news reports about his son Karti Chidambaram’s business dealings as “wild and reckless allegations”, former Finance Minister P Chidambaram Sunday said that the government can take over all undisclosed assets of his son if it finds any.

In a statement, Chidambaram said Karti was being “targeted only because he is my son” and that the real target was he himself.

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“Karti runs a legitimate business, apart from managing inherited property. He has been an income tax assessee for many years. He has duly and regularly filed his income tax return, including a statement of assets and liabilities, every year. The assessments have been completed upto AY 2013-14 by the Income-Tax department,” Chidambaram said.

“All his assets and liabilities have been duly disclosed in his tax returns. He has no undisclosed asset anywhere. He and his business are fully compliant with the laws and regulations of the Income-Tax department and of all other regulatory authorities concerned. The allegation that he has undisclosed assets is preposterous, malicious and totally false,” he said.

On February 29, The Pioneer newspaper had reported that investigations by Enforcement Directorate (ED) and Income-Tax (I-T) department had revealed that Karti had “built a huge empire for himself” with investments in real estate and other business dealings in several countries, using the Singapore subsidiary of his company, Advantage Strategic Consulting. It said that the ED and I-T department were expected to contact international agencies for more details.

Chidambaram said “it was obvious” that the news report “was a planted story”.

“If the government is of the view that Mr Karti Chidambaram has undisclosed assets, I would ask the government to make a list of such alleged undisclosed assets. Mr Karti Chidambaram will voluntarily execute any document necessary to transfer those assets (allegedly undisclosed) to the government for a nominal consideration of Rupee 1. Let the government become the owner of the alleged undisclosed assets,” Chidambaram said.

“I am issuing this statement on behalf of all the members of my family. We know that Karti is being targeted only because he is my son and the real target is me. I understand the political motive behind the accusations and the timing of the story. I have nothing but pity for those who make these false accusations,” he said.

Here is the full statement by P Chidambaram:

Few days ago, a news report was published containing wild and reckless allegations against my son, Mr Karti Chidambaram, and by implication against me.

It was obvious to everyone that it was a planted story.

Karti runs a legitimate business, apart from managing inherited property. He has been an income tax assessee for many years. He has duly and regularly filed his income tax return, including a statement of assets and liabilities, every year. The assessments have been completed upto AY 2013-14 by the Income-tax department.

All his assets and liabilities have been duly disclosed in his tax returns. He has no undisclosed asset anywhere. He and his business are fully compliant with the laws and regulations of the Income-tax department and of all other regulatory authorities concerned.

The allegation that he has undisclosed assets is preposterous, malicious and totally false.

If the Government is of the view that Mr Karti Chidambaram has undisclosed assets, I would ask the Government to make a list of such alleged undisclosed assets. Mr Karti Chidambaram will voluntarily execute any document necessary to transfer those assets (allegedly undisclosed) to the Government for a nominal consideration of Rupee 1.

Let the Government become the owner of the alleged undisclosed assets.

I am issuing this statement on behalf of all the members of my family. We know that Karti is being targeted only because he is my son and the real target is me. I understand the political motive behind the accusations and the timing of the story. I have nothing but pity for those who make these false accusations. Ultimately, truth will prevail.

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