Karti a target as he is my son: P Chidambaram

Former finance minister P. Chidambaram on Sunday said Mr Karti Chidambaram is being targeted only because he is his son but “the real target is me” and rejected as “malicious and totally false” allegations that he has undisclosed assets abroad.

“A few days ago, a news report was published containing wild and reckless allegations against my son, Mr Karti Chidambaram, and by implication against me. It was obvious to everyone that it was a planted story. If the government is of the view that Mr Karti Chidambaram has undisclosed assets, I would ask the government to make a list of such alleged undisclosed assets. Mr Karti Chidambaram will voluntarily execute any document necessary to transfer those assets (allegedly undisclosed) to the government for a nominal consideration of Rs 1. Let the government become the owner of the alleged undisclosed assets.” he said.

The media report alleged that Mr Karti Chidambaram has built a huge empire for himself in different parts of the world by making investment in real estates and engaging in other business activities in 14 countries and that this had come to light through documents recovered during raids by the Enforcement Directorate and the investigation wing of the IT in the Aircel-Maxis scam.

“I am issuing this statement on behalf of all the members of my family. We know that Karti is being targeted only because he is my son and the real target is me. I understand the political motive behind the accusations and the timing of the story. I have nothing but pity for those who make these false accusations. Ultimately, truth will prevail,” Mr Chidambaram said in a statement.

He said Karti runs a legitimate business, apart from managing inherited property, adding he has been an income tax assessee for many years.

Mr Chidambaram also said that Karti has duly and regularly filed his income tax return, including a statement of assets and liabilities, every year and that the assessments have been completed upto Assessment Year 2013-14 by the Income-tax department.

“All his(Karti) assets and liabilities have been duly disclosed in his tax returns. He has no undisclosed asset anywhere. He and his business are fully compliant with the laws and regulations of the Income-tax department and of all other regulatory authorities concerned. The allegation that he has undisclosed assets is preposterous, malicious and totally false,” Mr Chidambaram said.