P Chidambaram’s four scandals not less than hanging sword over him, will ED get this to an end ?

New Delhi : NPnews24 online – Senior Congress leader and former Union Minister P Chidambaram is under investigation for INX Media and money laundering scams. However, apart from ‘INX Media’ and ‘Aircel Maxis’, four other companies were approved by the Foreign Investment Promotion Board when Chidambaram was the finance minister, allegedly after taking kickbacks. Also, the amount of bribe received has been diverted by various ‘shell’ companies, the Directorate of Enforcement (ED) said.

Based on the information obtained from the investigation so far, senior ED officers said that Giaggio Scotland Ltd., Katara Holdings, Essar Steel Ltd. and Elforge Ltd, are the four companies. Chidambaram and his son Karti appear to be among those having shell companies registered in India and abroad through the ‘bribe’ money.

The Foreign Investment Promotion Board (FIPB), which worked directly under the Ministry of Finance, is now dissolved. According to the ED, Karti had misused Chidambaram’s position as finance minister for grant of investment permits. It is also said that records of more than Rs 1 crore have been deposited in shell company.

ED sources also say that Chidambaram used the proceeds for his own personal expenses. He has used this money to make deposits in several foreign accounts and to purchase real estate in other countries, including Malaysia, Britain and Spain.