The Enforcement Directorate has filed fresh chargesheets in the Aircel-Maxis case against former Union Finance Minister P. Chidambaram and his son Karti Chidambaram. The development comes after a long-running investigation into alleged irregularities in foreign investment clearance.
According to the ED, the case relates to approval granted to a foreign company during Chidambaram's tenure as Finance Minister. The agency has made fresh allegations in its latest chargesheet, adding to the legal challenges faced by the father and son.
What the ED has alleged
The ED claims that Chidambaram granted investment clearance beyond his authorised limit. As per rules at the time, the Finance Minister could approve foreign investments up to Rs. 600 crore. Proposals above that amount required clearance from a committee headed by the Prime Minister.
Investigators allege that an investment proposal of around Rs. 3,560 crore was approved without sending it to the required committee. The ED further claims that the amount was allegedly shown as lower on paper to avoid scrutiny.
Alleged money trail and next steps
The ED has alleged that Rs. 1.16 crore was deposited into the accounts of two companies linked to Karti Chidambaram. These companies have been described as shell entities by the agency. The money was allegedly received under the pretext of software consultancy services.
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The agency claims that both father and son benefited from the funds. However, P. Chidambaram and Karti Chidambaram have denied all allegations. They have maintained that due procedures were followed in granting the approval.
Government sanction to prosecute the former minister has now been obtained. The investigation in the Aircel-Maxis case has been ongoing for over a decade. With the filing of the fresh chargesheet, the matter is set to proceed to trial in court.
