At Supreme Court Karti reveals details of his banking activity overseas

At Supreme Court Karti reveals details of his banking activity overseas

"We will decide if we can see the documents in special leave petitions arising out of the HC's order in petitions filed under Article 32 of the Constitution", the bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, said.

"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..." Karti, in his affidavit, responded to CBI's allegation that he has multiple accounts and assets overseas, saying his family owns only one asset overseas which was acquired by transfer of funds through nationalised banks under the RBI's liberalised remittance scheme.

"I have never held any bank account overseas prior to that date, barring the time when I was student in the United States and UK between 1989 and 1995", according to the affidavit.

Holding the CBI responsible for closure of his bank accounts, he said that these accounts have been rendered non-operational as a effect of a unilateral decision taken by the bank on June 7, 2017 and that too without giving any reasons.

On Tuesday, the court had granted time to the Central Bureau of Investigation to file additional documents in relation to the FIR in a sealed cover for the perusal of the court to come to a conclusion that there was apprehension that Karti Chidambaram would tamper with evidence if he was allowed to travel overseas.

The CBI while arguing that the look out circular against Karti should remain in force said that he went overseas and closed his accounts.

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Refuting CBI's allegation that he has "undisclosed 25 overseas bank accounts" and "assets abroad", Karti Chidambaram on Monday told the Supreme Court that he owns only one asset abroad which was acquired by transfer of funds through nationalised banks under the RBI's liberalised remittance scheme (LRS). So, if Karti dur ing the proposed foreign vis it tampers with any account or property, they would have further cause to prosecute him. The CBI is investigating an alleged Foreign Investment Promotion Board approval given to INX Media when Mr. Chidambaram was Finance Minister.

The submissions were made by the CBI which probed Karti in the INX media case. It also accused him of charging service while getting FIPB clearance when his father Chidambaram was the finance minister of India.

In a brief order the court said in the course of hearing the ASG wanted to rely on certain documents in a sealed cover and this was opposed by Mr. Sibal, who argued that the documents relied on by CBI could not be examined if the copies are not given to the petitioner.

They also said I have bank accounts overseas.

The court also allowed Additional Solicitor General Tushar Mehta to file an affidavit on behalf of the CBI, which contended that Karti could tamper with the evidence in his travel overseas. However during the questioning the CBI did not ask me one question about it, he also submitted.

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