Explained: The curious case of Karti and P Chidambaram

(The following article is written in a story format for easy understanding)

Once upon a time, there was a huge kingdom named Industan which was ruled by the king. The king, Mohansingh was very talented economist, acknowledged and an efficient ruler, though less talkative. The finances of the kingdom then were looked after by Chidamchandan. He was educated and experienced enough to handle the finances of the kingdom. All the affairs of the kingdom were going great. Chidamchandan had a businessman son named Karthik. He had his own company and was a rich person. But during Chidamchandan’s rule, he was not doing well in his business.

One day, Chidamchandan’s friends, Indu and Peter came to meet him. Indu owned a reputable broadcast media company, NX Media. Indu was in need of funds from another kingdom (Foreign Direct Investment) which needed permission of FIPB a body routing FDI to the kingdom. FIPB was a government body controlled by Chidamchandan, the Finance Authority of the kingdom. Out of friendship, Indu asked Chidamchandan to seek approval to foreign direct investment.

Chidamchandan then learned all the perspectives and approved the FIPB proposal. But in return he asked her to help his son out in his business. Indu and Peter agreed to this and met Chidamchandan’s son Karthik next day. Karthik asked for 1 million dollars for his entity’s survival. Indu agreed to this as she was permitted to raise foreign funds because of Chidamchandan’s help.

Meanwhile, to hide the direct borrowings of 1 million dollars from Indu, Karthik raised 4 bills of 3.10 crores each in the name of NX Media. He tried showing that this is a part of his business proceeds, which was actually not. Later all these bills were reimbursed.

On the other hand, NX Media got the valid permission from FIPB to issue the company shares at face value for FDI proceedings. Instead of this, against the permission, NX Media issued shares at premium and raised 305 crore rupees extra. The king, Mohansingh knew nothing of this. He silently finished his tenure and stepped down. The new king came in power. His name was Narendrakumar. He was very smart and active.

After 10 years, when Narendrakumar was the king, the police in the kingdom learned about this all and began with the investigations. The investigators probed into the money laundering case and arrested Karthik in the end. Indu was also accused and was already in jail on other criminal charges.

Post investigation facts:

1. Indu and Peter in investigation agreed to have met Chidamchandan to seek the approval for funds from other nations.

2. The investigation team also questioned Viru, a senior journalist working in Indu’s company, along 40 other suspects to introduce Indu to Chidamchandan. Viru refused and said that she already knew chidamchandan and that they were good friends.

3. The team questioned Chidamchandan for 4 hours regarding the same case. He later communicated to the citizens that there are no allegations against him in the FIR and the questions were all related to the FIPB proposal.

4. Chidamchandan is still a suspect as he is the one who approved the FIPB proposal for NX Media.

5. The investigators arrested Karthik in money laundering case, who is out on bail. Indu was also accused, but already in jail on the charge of her daughter’s murder.

Moral of the story:

Never take any wrong advantages of your position.

(PHOTO INPUT:-FACEBOOK/KARTIPCHIDAMBARAM)

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