New Delhi: Former finance minister P. Chidambaram on Sunday said that Karti Chidambaram was being targeted over allegations of undisclosed assets abroad only because he was his son, and that the “real target is me."

The Congress leader said his son runs a “legitimate business" and that his assets and liabilities are “duly disclosed" in income tax (I-T) reports.

‘’I am issuing this statement on behalf of all the members of my family. We know that Karti is being targeted only because he is my son and the real target is me. I understand the political motive behind the accusations and the timing of the story. I have nothing but pity for those who make these false accusations. Ultimately, truth will prevail," Chidambaram said in a press release.

‘’Karti runs a legitimate business, apart from managing inherited property. He has been an income tax assessee for many years. He has duly and regularly filed his income tax return, including a statement of assets and liabilities, every year. The assessments have been completed upto AY 2013-14 by the income tax department,’’

“If the Government is of the view that Mr Karti Chidambaram has undisclosed assets, I would ask the Government to make a list of such alleged undisclosed assets. Mr Karti Chidambaram will voluntarily execute any document necessary to transfer those assets (allegedly undisclosed) to the Government for a nominal consideration of Rupee 1. Let the Government become the owner of the alleged undisclosed assets,’’ P. Chidambaram said in the statement.

Chidambaram said that a newspaper report carried “wild and reckless allegations" against his son and “by implication" against him. The Pioneer, in a news report dated 29 February, talked about Karti building a “huge empire for himself in different parts of the world by making investments in real estate and engaging in other business activities".

Karti Chidambaram also told Mint last week that he was being targeted because of his identity and that there was a “larger political game" behind this. Karti added that the file returns of his companies were compliant with RoC (Registrar of Companies), I-T department and the RBI (Reserve Bank of India).

P. Chidambaram on Sunday reiterated it. ‘’All his (Karti’s) assets and liabilities have been duly disclosed in his tax returns. He has no undisclosed asset anywhere. He and his business are fully compliant with the laws and regulations of the Income-tax department and of all other regulatory authorities concerned. The allegation that he has undisclosed assets is preposterous, malicious and totally false,’’ Chidambaram said.

Last week, at least two days of the ongoing budget session of Parliament saw repeated disruptions by over the Aircel-Maxis deal. They demanded an inquiry by the Central Bureau of Investigation on the issue. Karti is a member of the Congress party.

On Wednesday, the Lok Sabha had a discussion on the issue and Union finance minister Arun Jaitley told the house and there are “no holy cows" for the government to protect and that action would be taken against anyone found guilty “howsoever important" that person.

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