The Enforcement Directorate (ED) has escalated its legal actions by filing a Prosecution Complaint (PC) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, against Karti P. Chidambaram and several others before the Hon’ble Special Court PMLA, New Delhi. This development marks a significant step in the investigation into a complex money-laundering case originating from New Delhi.
The ED’s probe traces back to the initiation of an FIR by the Central Bureau of Investigation (CBI) under the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988. Subsequently, the Enforcement Directorate delved into the intricacies of the case, unearthing a web of illicit transactions and alleged quid pro quo arrangements.
According to the findings of the Enforcement Directorate’s investigation, Karti P. Chidambaram stands accused of receiving illegal gratification amounting to Rs. 50 lakh through his close associate, S. Bhaskararaman. The gratification purportedly aimed to secure approval for the reuse of Chinese VISAs by M/s. Talwandi Sabo Power Limited, a company engaged in establishing a power project in Mansa, Punjab. Notably, officials of M/s. Talwandi Sabo Power Limited purportedly approached Karti P. Chidambaram to facilitate the approval from the Ministry of Home Affairs, where his father held the position of Home Minister.
The modus operandi in this alleged scheme involved the transfer of Rs. 50 lakh from M/s. Talwandi Sabo Power Limited to an entry operator under the guise of fictitious services. Subsequently, the entry operator is alleged to have disbursed the same amount in cash to S. Bhaskararaman. Interestingly, the Enforcement Directorate claims that S. Bhaskararaman then invested this cash sum of Rs. 50 lakh into Advantage Strategic Consulting Private Limited, a company purportedly controlled by Karti P. Chidambaram. Over time, the value of this investment allegedly ballooned to Rs. 1.59 Crore, representing proceeds of crime as per the provisions of the PMLA, 2002.
The Enforcement Directorate’s rigorous investigation has culminated in the filing of a Prosecution Complaint before the Hon’ble Special Court PMLA, New Delhi. The court, on its part, has taken cognizance of the complaint on 19th March 2024, signaling the commencement of legal proceedings against the accused parties.
As this case unfolds in the judicial arena, it underscores the ED’s commitment to combatting financial malfeasance and money laundering. Moreover, it serves as a reminder of the vigilance required to uphold the integrity of India’s financial systems and institutions.
