Is there a tax loophole that the ex-Finance Minister devised that he himself is taking advantage of? The 200 page Income Tax (IT) report shows that the former Finance Minister P Chidambaram has engaged in a funny deal with his wife Nalini and son Karti. As per the agreements seized in the joint raid of Income Tax and the Enforcement Directorate (ED), there appears to be an inspired scheme to fool the taxman through bogus agreements.
What is the ring of fire that prevents the current government from acting?
After getting out of power in mid 2014, Chidambaram who claims to be a resident in Delhi’s Gymkhana Club enters into curious rent agreement with Nalini and Karti living in Chennai. As per the agreement Nalini and Karti own a floor of a multi-storeyed building having the address 115A at posh Jor Bagh in Delhi. These two owners decided to rent one of the floors to Chidambaram for Rs.2 lakhs ($3000) per month.
In the documents unearthed, it is shown that this one floor Jor Bagh apartment lists for an official price of around Rs.30 crores ($4.6 million). Some documents show that still the mutation process is pending and that this purchase happened after the United Progressive Alliance (UPA) lost power. These documents were seized in the joint raid by IT and ED at Karti’s companies in connection with the Aircel-Maxis money trail.
So what is unusual about this rent agreement from Chidambaram, who never tired of preaching others to be transparent in financial matters? Why does he declare himself as a resident of Gymkhana Club in Delhi? Nalini and Karti have show their original address at 16-Pycrofts Garden in Chennai, which is also supposed to be Chidambaram’s address. Then why did Chidambaram show his address as a resident in Gymkhana Club in Delhi? Is he separated from his family? If so, is that fact reflected in his filings? Above all is this sheer accounting jugglery acceptable from a man, who prepared at least nine Budgets? So are all the rules laid down merely guidelines for the salaried class? To quote Orwell, all are equal but some are more equal?
There is more. Chidambaram became a Member of Parliament (Rajya Sabha) in May 2016 and must have got official accommodation by now. Is he still paying Rs.2 lakhs/ month as rent to his wife and only son?
The picture (see graphic above) shows that the building is a four storied structure. We are curious as to who owns the rest of the building. The Income Tax report exposed how Chidambaram family manages Benamis by making them sign a WILL assigning all their assets to Karti’s daughter out of their love for Chidambaram. Does the PC family own just only the one floor? Who owns the other three?
The Rs.10 crore (AKA Million rupees) question (KBC) is when will IT, CBI and ED move? What is the ring of fire that prevents the current government from acting?
Note:
1. The conversion rate used in this article is 1 USD = 65.43 Rupees.
2. Text in Blue points to additional data on the topic.
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IT raids happened today.
It would have happened earlier.There was so much information on father and son financial regularities.There was seven info on their money deals in one of the leading eye hospital in Chennai.
Strict action needs against Mr,P,Chidambaram .
No one would believe this Govt under Modi if action is not taken immediately. One can think of only 2 possibilities here.
1. Someone/team of political advisers close to PM or Modi himself is thinking that by timing the action just before 2019 polls people would remember more strongly so that he would get victory again for another 5yr term then this would be a major mistake in the history.
Because most people would think/believe that actions just before polls are simply a “make-believe” drama/coverup and so it would backfire drastically.
2.Second possibility is that some serious drawback/limitation in BJP as a political party working style and a great fear/panic of ramifications is forcing PM to keep quiet and be in a state like “Let’s cross the bridge when it comes..” attitude. i.e Leave it to courts/law of land to take its due course..
I see lot of comments saying Arun Jaitley is protecting PC. But who is protecting Arun Jaitley and why? Not only he is FM but also a Defense Minister now. Any thoughts?
I don’t understand what is your objection to the rental payment so long as his wife shows it as her income. It is no business of the world how he spends his money. If you have a specfspecific allegation air it
It is a just a matter of Tax evasion by crook methods. Sheer accounting jugglery. Is it acceptable from a Finance Minister?
Jaitley has always been a suave crook who knows his way around the corrupt ways of lutyens delhi and everyone knows he is a good buddy of his lawyer crook friend pacca chor chidambaram. Why is Modi still keeping this black sheep in his cabinet and handed over finance portfolio to him. Jaitley is the one protecting pacca chor and baccha chor
Why is Modi keeping him? Money my friend! Money! Where do you think Modi’s funds for fighting elections come from? This site wants you to believe Modi is an angel and all the corruption in BJP is due to Jaiteley.
A thief is a thief always. I am at a loss to understand why the Fm is keeping quiet on this mountain of information.
Hamam main sab nangey hain means everyone is corrupt here in India including me… What happened to Vijay Mallaya? and Panama papers? Why target only PC?
Don’t waste time going after Chidambaram. He still has buddies in NDA to protect him.
PC Family is Pucca Chorr Family. Total frauds. Arun Jaitley should be kicked out from Cabinet for saving PC and family from investigators.