Enforcement Directorate raids Karthi Chidambaram linked firms

Bengaluru, Dec 1: The Enforcement Directorate officials on Tuesday conducted raids on firms allegedly linked to Karthi Chidambaram, the son of former union minister, P Chidambaram.

The ED has been trying to ascertain if Karthi had any links with these firms and it is part of the ongoing investigation process, the ED officials stated.

ED raids Karthi Chidambaram linked firms

The ED had in August investigated two directors of the Advantage Strategic Consulting, a company allegedly linked to Karti Chidambaram in connection with the Aircel-Maxis case. The issue in question is dates back to 2006 concerning the ownership of Aircel.

As the Finance Minister Chidambaram had approved the Maxis investment into Aircel in 2006. It was alleged that a firm called Advantage Strategic Consulting owned by a family member had allegedly made payments to Aircel.

This deal came up just before the telecom company had received major investment from Malaysian firm Maxis and the ownership had changed.

The ED is trying to ascertain allegations whether Advantage Strategic was controlled by Karti through his Ausbridge Holdings where he had 94% equity holding.

OneIndia News

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