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Karti Chidambaram, his wife & mother booked under Black Money Act

Karti Chidambaram, his wife & mother booked under Black Money Act
Karti Chidambaram, his wife & mother booked under Black Money Act
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Recently as per report Income Tax department has charge sheeted former Union Minister P Chidambaram’s son Karti Chidambaram, his daughter in law Srinidhi and wife Nalini under the Black Money Act. Accordingly the charge sheets have been filed under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The main charge against the family is their failure, in part or full, to disclose assets in the United Kingdom and the United States.

Moreover according to the charge sheet, Karti, Srinidhi and Nalini have not disclosed information about investments in a property in Cambridge, UK as well as investments/beneficial ownership in Totus Tennis Limited and NanoHoldings LLC, which constitutes an offence under Section 50 of the Black Money Act.

Karti Chidambaram, his wife & mother booked under Black Money Act

Further the Cambridge property refers to an immovable property at No.5, Holben Close, Barton, and Cambridge CB23 7AQ, United Kingdom, reportedly acquired by the Chidambarams in 2015 for Rs 5.37 crore. Recently the investigations by the Income Tax Department also revealed that Karti Chidambaram had made investments to the tune of Rs 3.28 crore and Rs 80 lakh in Nano Holdings LLC, USA and in Totus Tennis Limited, UK respectively, through his domestic company Chess Global Advisory Services Private Limited and the matter has been posted for hearing on June 11.

Karti Chidambaram, his wife & mother booked under Black Money Act

Karti Chidambaram, his wife & mother booked under Black Money Act
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