Karti Is Being Targeted Because He Is My Son, Says Chidambaram

New Delhi: Former finance minister P Chidambaram today said Karti 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.

Mr Chidambaram also said that if the government is of the view that Mr Karti Chidambaram has alleged undisclosed assets he would ask it to make a list in this regard and his son will voluntarily execute any document necessary to transfer such assets to it for a nominal consideration of Rupee 1.

He was reacting to a recent media report about the alleged investments of Mr Karti in real estate across the world.

"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 Rupee 1. Let the Government become the owner of the alleged undisclosed assets.

The media report alleged that Mr Karti 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 Enforcement Directorate and investigation wing of Income Tax 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 Mr 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 his son 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.

Mr Karti has already said his business was fully compliant with all laws and regulations of the country and rejected charges of money laundering.

For two days last week, Parliament was disrupted on the issue of alleged assets of Mr Karti with the AIADMK and parties like BJD demanding a thorough probe and action against the former minister's son.

On Wednesday, the Lok Sabha had a discussion on the issue with Finance Minister Arun Jaitley telling the house and there are "no holy cows" for the government to protect and that action would be taken against anyone found guilty "howsoever important" one may be.