CBI today carried out raids at residences of former Union Minister P Chidambaram and his son Karti Chidambaram in Chennai. The searches were carried out in connection with alleged favours granted in Foreign Investment Promotion Board (FIPB) clearance to a firm. Following the raids, the former Finance Minister has accused the Narendra Modi government of ‘silencing’ his ‘voice’. Chidambaram also claimed, “Government by using CBI and other agencies is targeting my son and his friends.” He also said that the Centre wanted to stop him from ‘writing’. “Government wants to stop me from writing, as it has tried to with leaders of Opposition parties, journalists, columnists, NGOs and civil society,” Chidambaram said, according to ANI report. “Every case processed according to law and approval was granted or refused accordance with FIPB recommendations consisting of 5 GOI Secretaries,” Chidambaram said, ANI reports.
A team of CBI officials are carrying out raids at 16 locations across Tamil Nadu, the reports say. The raids began at 6-6.30 am at former Finance Minister Chidambaram’s Chennai residence. It has been learned that a total of 8 places in Chennai were raided by CBI, as per Times Now report. Apart from Tamil Nadu and Chennai, CBI officials are conducting searches at locations in Mumbai, Delhi, Gurugram, an ANI report says. It has been learned that CBI conducted searches in connection with criminal misconduct in grant of Foreign Investment Promotion Board (FIPB) approval, according to ANI report. TV report says several locations are being raided across India.
Read P Chidambaram’s statement
Former Union Finance Minister P. Chidambaram issues first statement, accuses central government of using CBI & agencies against his son pic.twitter.com/mNrBTEMWHU
— TIMES NOW (@TimesNow) May 16, 2017
On April 17, the Enforcement Directorate (ED) had issued a show-cause notice to Karti Chidambaram and a firm purportedly linked to him for alleged violations of the FEMA laws to the tune of Rs 45 crore. The agency also issued a similar notice, after over two years of investigations, to another firm M/s Vasan Health Care Private Limited, which is based in Chennai, for alleged forex violations of Rs 2,262 crore, as per PTI report.
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“The total amount of contravention identified on different counts and found to have been committed by M/s Advantage Strategic Consulting Private Limited in the sale transaction of shares of Vasan (Chennai firm) to overseas investors is around Rs 45 crore.
“Show-cause notice has been issued to M/s Advantage Strategic Consulting Private Limited, its directors and also to Karti P Chidambaram who appears to be the controller and ultimate beneficiary in these transactions,” the ED said in its notice.
The total amount of contravention identified by the ED, under the provisions of the Foreign Exchange Management Act (FEMA), by M/s Vasan Healthcare Private Limited and its overseas investors on different counts in the investments received from overseas investors is around Rs 2,100 crore and and additional Rs 162 crore, thereby totalling to Rs 2,262 crore.