Was Karti’s company an agent of Russian Bank Nazprom?

Documents uneartherd in a raid at Karti Chidambaram's office reveal how ASCSPL made 5% on each transfer from IOB to Nazprom

Documents uneartherd in a raid at Karti Chidambaram's office reveal how ASCSPL made 5% on each transfer from IOB to Nazprom
Karti owned ASCSPL earned 5% every time IOB transferred money to Nazprom. Graphic New Indian Express.

Did Karti mint commissions from IOB deals?

If there is a competition for which politician used his/ her position to the maximum to further his/ her family interests, the Chidambaram family would make it to the Top Ten. The 200-page report of the Income Tax Department has thrown up another nugget.

The Russian Bank’s agreement with Karti’s company Advantage shows that in every money transaction Advantage will get five percent commission, apart from the initial fee of $25,000.

It appears as though the former Finance Minister Palaniappan Chidambaram’s family had extended reach into the functioning of Indian Overseas Bank (IOB). Days after Delhi High Court ordered Central Bureau of Investigation (CBI) to file a status report on the probe into his family members involved in a hotel grabbing case with the help of IOB, Income Tax Chennai Unit’s Report shows that son Karti’s Singapore based company was the agent of a Russian Bank known as Nazprom and had helped the Russian Bank to enter into an alliance agreement with IOB.

Karti’s controversial firm Advantage Strategic Consulting Private Limited’s Singapore subsidiary Advantage Strategic Consulting Singapore Private Ltd (ASCSPL) had entered into a Business Consultancy Agreement with Russia’s National Industrial Bank (Nazprom) on September 16, 2006.  During the raid in connection with Aircel-Maxis scam, this agreement was seized by Income Tax and Enforcement Directorate (ED) sleuths from Karti’s computer. The investigators also unearthed communications between the Russian Bank Chairman Peter P Shvayko  and the then IOB Chairman & Managing Director T S Narayanasami  from Karti’s office computer.

One communication dated August 19, 2006 was about the Russian Bank Chairman’s visit to Chennai and forthcoming signing of a strategic alliance and business transactions between Nazprom and IOB. The Income Tax Investigators in their report suggest that a further probe be done into the workings of IOB and wonder how the communication between the PSU Bank and Nazprom ended up at Karti’s office computer!

Chidambaram was the Finance Minister during this period and this is another clear case of abuse of power and corruption under Prevention of Corruption of Act.  The Russian Bank’s agreement with Karti’s company Advantage shows that in every money transaction Advantage will get five percent commission, apart from the initial fee of $25,000.

Income Tax report also says that Karti’s staffers like Bhaskar Raman had admitted that they got “some service charges” or “fee for services provided” to the Russian Bank.

Finance Ministry and Income Tax top officials in Delhi have not yet acted on this 200 page report filed by Chennai Unit for the past seven months. This is a clear case of abuse of power by the former Finance Minister’s son and the big question is why a case under Prevention of Corruption Act has not been registered by CBI against Chidambaram, Karti and IOB officials.

PGurus has written about the Comfort Inn grab case that is in the Delhi High Court. With instances of nepotism, bribery, money laundering and other offences piling up against the Chidambaram family, one wonders who or what is preventing the present government from moving quickly forward.

Note:
1. Text in Blue points to additional data on the topic.

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7 COMMENTS

  1. One wonders as to how an official communication between two banks finds its way into the PCs of the PC family. Who is protecting Chidambaram’s family ? Mr Swami has been time and again saying that finance ministry officials are going slow on this deliberately. Who is preventing the concerned dept from proceeding against this family under Prevention of Corruption Act ? Will Mr Modi open his eyes and ears to this ?

  2. These bloody politicians like Chidambaram and some highly educated IPS and IAS babus are becomes more corrupted and ruining the country. Everybody knows once we die nothing will be with us. What for they are spoiling the country? Example Jayalalitha. What they do with millions and billions? They are looting people money. Surprisingly they are not ashamed of it.

  3. P Chidambaram has so much influence on beaurocrats and none of them dare to work against his interests. This perhaps includes Police, IT and CBI. It is unfortunate that in spite of Modi Government preaching against corruption, such past loots are never brought to justice and that will definite hamper all efforts to eliminate corruption at highest levels. If TTV Dinakaran can roll out Crores of Rupees to pay voters and attempt to bribe Electin Commission, where and how was the new currencies generated after demonetisation. Our justice System is so weak and delayed these guys will go unpunished with unscrupulous advocates pleading their cases and dragging the time. I think there should be a movement against such specific cases of high profile corrupt leaders sooner than later.

    • Mr. Venkatrajan is correct. I do not know whether PM has been briefed about this by AJ. AJ, it seems, is protecting PC or as VR claimed the Babu’s are protecting. It will be highly demoralising for the honest officers.

    • I fully agree with the views expressed by Sri venkatarajan. There is little doubt that a few important people are deliberately and willfully helping P.C and family as well as NDTV.Can PGurus not reach this information to the pm and also our one man army of Dr Swamy please ?

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