As soon as Karti Chidambaram was arrested, his father immediately came back to India. With this move of Chidambaram, Indians got a hint that Karti Chidambaram was in a grave trouble. But to everyone’s surprise, it is not Karti but his father who is in a very serious trouble.
The defenseless team of Rahul Gandhi, rose into action as soon as Nirav Modi left the nation. Nirav Modi has a surname same as PM Modi, that’s why Rahul Gandhi assumed that PM Modi is responsible for his escape from India, and perhaps attacked the Indian Prime Minister.
But now the reports have nailed the involvement of P Chidambaram in the “PNB-Nirav Modi Scam”. When the Congress party was in power, the then finance minister P Chidambaram had helped Nirav Modi and Mehul Choksi with a government scheme.
In August 2013, the then UPA government had introduced the 80:20 rule, which said traders would be allowed to import gold only after they had exported 20 percent of gold from their previous import. This gold scheme was misused by jewellers including fugitives Nirav Modi and Mehul Choksi for money laundering. But as soon as PM Modi came to power, this scheme was scrapped in November 2014.
Today, the Revenue Secretary and top officials of the Enforcement Directorate (ED), the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) appeared before the PAC’s sub-committee which was headed by BJP MP Nishikant Dubey.
Highlights of the meeting that will prove fatal to P Chidambaram!
- The members discussed a CAG report of 2016 which pointed out that the ‘Gold scheme” resulted in a loss of over Rs 1 lakh crore to the exchequer.
- The members also demanded that the Finance Ministry and the Reserve Bank of India share all notings and details related to this gold import scheme with the panel.
- The CAG report clearly indicated that the scheme was used by jewellers including Choksi for “round tripping of black money and money laundering”. BJP MP Nishikant Dubey also said that P Chidambaram was aware of this act of money laundering.
What is “Round Tripping”?
It’s the practice where some traders export the same stock of polished diamonds multiple times to borrow from banks against the receivables at a lower interest rate than what is available through traditional money-lenders.
Round tripping became rampant since 2007, when the Centre scrapped a 3% import duty and allowed free imports of cut and polished diamonds, said a report.
The government strongly believes that P Chidambaram helped the diamond mafia head-Nirav, Modi and Mehul Choksi. That’s why the members asked the ED director, CBDT and CBEC chairmen and Revenue secretary to share all file notings with them and also probe the possible linkages between the scheme and the PNB fraud.
There are high chances that if fast-track investigation takes place, then even more shocking evidence on how the Congress helped to loot the nation, may get exposed. For the time being, the CBI is at the driver’s seat as it has the custody of Karti Chidambaram till March 6th.
It’s on CBI’s shoulder on how they will bring out the scams done by him and his father.