C-Company – How Chidambaram made his fortune using Babus, Bankers and Businessesmen

Chidambaram created C-Company - a cabal of babus, bankers & businessmen to amass riches

Chidambaram created a C-Company - a cabal of babus, bankers & businessmen to amass riches
Palaniappan Chidambaram

Feb 20, 2017 Constitution Club of India, New Delhi

“Chidambaram is a big thief. His son Karti is also a thief[1]. Their net worth spans thousands of crores, with properties in 14 countries,” thundered Dr. Subramanian Swamy on February 20, 2017, at a Press Conference in the famed Constitution Club of New Delhi. He went on to add that the Chidambarams own directly or indirectly, approximately 1/6th of the real estate in Bengaluru. As part of this Press Conference, a list of 21 foreign bank accounts operated by Karti Chidambaram was also provided.

It is believed that at the Center, politicians choose one field and make their mark (and the moolah) from it.

Several months have passed since this presser. The Enforcement Directorate (ED) summoned Karti Chidambaram thrice, and he has ignored these calls. The Central Bureau of Investigation (CBI) has also issued two summonses to Karti, on a different matter and he has ignored those too. Yet, he walks free, although he can no longer travel abroad.

What makes the Chidambarams think that they are above the rule of law? And more importantly, what is preventing the current government from acting against what some arguably say as the Putin of India?

Who is Chidambaram?

Grandson of Raja Annamalai Chettiar (the title of Raja was given by the British) through the Raja’s daughter, Palaniappan Chidambaram (PC) did not get to enjoy the same perks and privileges as those of his cousins born to the Raja’s sons. Marrying outside of the Chettiar community to Nalini, who is a Gounder did not help matters. Perhaps this drove him to ceaselessly pursue wealth in any and every form that he could conjure. The Raja’s family tree is shown in Figure 1.

Raja Annamalai Chettiar Family tree
Fig 1. Raja Annamalai Chettiar Family tree (Courtesy Business Today)

Only this can explain the meteoric rise in riches of this mercurial minister. It is believed that at the Center, politicians choose one field and make their mark (and the moolah) from it. For instance, Pawar allegedly made his fortunes in Defence (and later in Agriculture when he had to swallow his pride and accept Sonia Gandhi’s leadership). Chidambaram chose Finance. From 1996-98, 2004-08 and 2012-14, he reigned supreme in this ministry, doling out favors[2]/ threats/ bending administrative officers to his will (and when that failed, to foist false charges)… the list is long. It is widely believed that in UPA-2, only Pranab Mukherjee could stand up to him and once Pranab-da was kicked upstairs to be the President of India, Chidambaram and his C-Company could get away with anything. Sonia was happy because Vadra2 could do in Dubai what Karti was doing in Singapore, making money off the stock market. For the brief period that he was not in the Finance Ministry, he even tapped Pranab-da’s phones so he could keep tabs on the goings on[3].

Continued…

[1] Foreign Accounts of Karti ChidambaramFeb 20, 2017 – Swamy Press Conference, Constitution Club, Delhi

[2] Friend, father & philosopher of black money is Chidambaram – The Sunday Guardian

[3] Dr. Swamy’s letter to the PMJul 4, 2011, Janata Party Press Release

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8 COMMENTS

  1. When China and Pakistan are taking effective steps in arresting the corrupt politicians and babus, why India with so called clean govt is lagging behind ?who is pulling back the govt in accomplishing the removal of corruption.

    • Pakistan taking effective steps???? China and India cannot be compared as China is not democratic and that government is not required to safeguard while taking steps even to control corruption. In India, whatever is happening now has checked the growth of the corrupted politicians and hopefully it will continue. The skill and conviction required to be honest in Indian politics is mush mush greater as compared to any other country.

  2. narasub‏ @narayinisubaray
    Replying to @Ish_Bhandari @Swamy39
    I was right along!
    Wow! It was 2b Chetinad aristocracy all along MarbledFlrs VenetianGls Teak beamed Palaces Consummate Chettiar greed

  3. We have been along led to believe that Chidambaram had inherited all his wealth from his Royal Family and that he as clean as a whistle in his entire political career.
    In the first of the article with more to follow the author makes startling revelations.
    Chidambaram it appears was never the blue eyed boy of the Royal Scion and he was thereafter ostracised for marrying outside the Royal clan.
    It was this which made him relentlessly pursue to amass wealth without any inhibitions whatsoever.
    It also suited his Italian Party Chief as it allowed her son in law to follow the same course.
    Did our country then had someone who was plundering fortune with a maniac zeal without any qualms,as Finance Minister for such long periods ?

  4. PC ,KPC are all tweeting day in day out abt NDA govt, ut never ever abt their disgusting acts during UPA rule, how can these guys be so shameless, his son is a DUD , but smartly managed to use his fathers position to LOOT, GREED is in their BLOOD, cant say genes coz genes seems to be GOOD, i only wish this PC & family are arrested & the LOOT recovered form them.

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