ED has filed the chargesheet against P. Chidambaram – Former Finance Minister of India

Enforcement Directorate, ED has filed the chargesheet against P. Chidambaram, the former finance minister of India during the period of 2004-2008 in Aircel Maxis Deal.

There are total 9 names in this chargesheet but the Chidambaram is the prime suspect along with his son Karthi Chidambaram. It’s interesting to know that Aircel has gone bankrupt after the emergence of Jio. Aircel was basically the telecom company founded by C. Shivashankaran in 1999.

Due to the huge success of this startup company in first 5 years, many investors were interested in this company. But finally Maxis, a Malaysian Telecom company, invested 45 Crores INR in this company for 74% shares. And with this huge investment company expanded throughout the India.

Now, in 2012 Shivashankaran sold the rest 26% shares to Scindhia Securities. And finally it had to shut its operations due to heavy losses and gone bankrupt.

What’s in the chargesheet?

  • Chidambaram, holding the FM position then, approved shaggy FIPB transaction.
  • 16 Crores of money laundering.
  • Avoided the regulations for FDI and benefitted the Aircel Maxis Company.

What’s the case?

Finance ministry can only allow FDI up to 3K Crores but it was the deal of 3200 Crores and Chidambaram shown this deal for just 180 Crores on papers. How? Through face and premium value of the shares. Actually, he shown the face value but in actual he should had shown the premium value. And in turn Maxis invested (or should we call it the bribe) in his son’s companies.