Karti also sought permission to travel to the United Kingdom from October 19 to November 13 for his daughter's admission to Cambridge University. He said that he needed to make this trip as he had to admit his daughter for higher studies at the Cambridge University for the year 2018-19. "The UK has very strict laws governing PEPs in term of opening of bank accounts...", one of affidavits stated, adding that a sub-account with the same bank was opened later in November 2016. This was opened in June 2016, he also said. He further claimed that the bank account has not got any funds from anyone except him, his wife and daughter.
"As a result of my political affiliation (as well as that of my father), I am classified as a "politically exposed person" (PEP) for the purposes of banking in various worldwide jurisdictions and hence am subject to enhanced Know Your Customer norms..." It is because of my father's and my political affiliation I am being subject to such rigorous scrutiny.
"My family has only one overseas property which was acquired by transfer of funds through nationalised banks in India through Liberalised Remittance Scheme of the Reserve Bank of India by following the process and proper application made through the said nationalised banks in their capacity as authorised dealers". "If the agency finds that Karti has committed other offences while being overseas, let them register separate cases and prosecute him", he said.
The Central Bureau of Investigation has alleged that Karti Chidambaram took service charges for getting FIPB clearance when his father P Chidambaram was the union finance minister.
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Additional solicitor general Tushar Mehta told the court during an extraordinary one-hour hearing after the scheduled business hours of the court, "It would be a travesty of justice if the Supreme Court does not open the sealed cover report about investigations in the case relating to irregular grant of FIPB clearance to INX Media".
The ongoing case pertains to allege that Karti illegally took service charges for getting the FIPB clearance to INX Media for receiving funds from overseas worth Rs 305 crore in 2007, when his father P Chidambaram was the finance minister in Congress-led United Progressive Alliance's rule.
The agency had said that there was a need to issue a LoC against Karti as he had the "potential" to tamper with the evidence and he had done this during his visits overseas.
The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, asked Sibal, "Do you think your past conduct would not have any bearing on this case?" The CBI responded by saying, " we have things to show- the jugglery of accounts and properties overseas.