Enforcement Directorate and I-T department raids business associates of Karti Chidambaram

Chennai: Enforcement Directorate and income-tax department investigators along with sleuths from the directorate of revenue intelligence on Tuesday raided the premises of business associates of Karti Chidambaram, son of former union minister P Chidambaram.

The raids took place in connection with suspected black money transactions of Vasan Eye Care. More than a dozen premises, including an office of Advantage Strategic Consulting, the headquarters of Vasan Eye Care — both in Alwarpet, Chennai and the residences of Vasan’s promoter Dr A.M. Arun in Chennai and Tiruchy — were raided.

The ED was probing an alleged investment of Rs 100 crore of black money into the Vasan group. It is alleged that Advantage Strategic Consulting, which was once partly owned by Karti and Ausbridge Holdings and Investments Private Ltd, owned wholly by Karti, had reportedly received 1.5 lakh shares of Vasan Healthcare without a premium.

Karti had a stake in Advantage till three years ago and it used to be located in the same building as Karti’s present office in Nungambakkam.