In a major setback for Congress leader and former Finance Minister P Chidambaram, the Madras High Court has refused to stay prosecution against his son Karti Chidambaram, wife Nalini Chidambaram and daughter-in-law Srinidhi Chidambaram.
The three have been accused of not disclosing a Rs 5.37 crore worth property they jointly own in the UK. The court has asked the Income Tax (I-T) department to file its counter.
The I-T Department had filed a complaint against the three in the special court for economic offences on 11 May under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The I-T department has said that Karti Chidambaram had also not disclosed an overseas bank account he holds with Metro Bank in the United Kingdom. On Wednesday, the Enforcement Directorate found two new accounts of Karti Chidambaram in London which he did not disclose during the investigation or in I-T returns.