Chidambaram most corrupt FM : Dr Swamy

via HK Correspondent published on November 27, 2005

CHENNAI: In a statement which is expected to send jitters down the ruling United Progressive Alliance at the centre, Janata Party President Dr Subramanian  Swami has charged P Chidambaram as the ‘most corrupt Finance Minister in modern Indian history’. 


Dr Swamy, in a statement released to the press on Sunday at Chennai, has asked the Union Government to institute a CBI inquiry under the Prevention of Corruption Act into the amassing of personal wealth through misuse of public office by Finance Minister Mr. Chidambaram.  

“A memorandum submitted by 12 AIADMK Rajya Sabha MPs to the President is sufficient prima facie basis for the Government to act.  Mr. Chidambaram is the most corrupt Finance Minister in modern Indian history,” Dr Swamy, a former Union Minister for Law and Company Affairs, said in the statement.


The Janata Party president pointed out that Karpagambal Textile Mills Ltd, owned by Chidambaram’s immediate family violated all norms in the provisions of SEBI Act (in the transfer of shares and false declaration in the same transaction), and of Sections 10 and 11 of the Prevention of Corruption Act in  enabling Karthik, Chidambaram’s son, to obtain a loan of Rs.6 crores (without proper mortgage) from the loss-making Rabo Group of Netherlands. “This was  on a quid pro quo of giving the Group  a full-fledged license for banking activities in India,” Dr Swamy pointed out.

“Chidambaram also used his influence to ensure that IDBI did not require further surety and gave permission in record speed for the share sale. The IDBI had earlier loaned several crores to  Karpagambal Mills Ltd. on pledge of shares for working capital,” alleged Dr Swamy.


According to the Janata Party president, The Karpagambal Mills Ltd. was also a recipient of Rs.90 lakhs refund because Nalini Chidambaram, the Finance Minister’s advocate wife, appearing for his Ministry, lost on 29.4.2005 a claim case of the Income Tax Department against certain textile mills.


“Chidambaram already is involved in several other scandals such as Fairgrowth Shares scam, Voluntary Disclosure Scheme fraud etc. Hence, the Government must institute cases against him and his family, and ask the CBI to investigate and prosecute in the interest of purity in public life,” Dr Swamy demanded. It is almost certain that the Opposition NDA will make use of the new series of charged leveled by Dr Swamy to put an already besieged government on the dock. The Lok Sabha is scheduled to discuss the Volcker Commission Report indicting Sonia Gandhi and Natwar Singh for receiving kickbacks in the Iraqi Food For Oil Scheme of the United Nations.    

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