Abuse of power to dent reputation of Sonia, Rahul: Chidambaram on ED action in National Herald case

New Delhi, Apr 21 (PTI) The "political assault" on the integrity and reputation of Sonia Gandhi and Rahul Gandhi is an "abuse of power", former Union minister P Chidambaram said on Monday as he questioned the ED chargesheet against the Congress leaders in the National Herald case.

Addressing a press conference at the Delhi Congress office, Chidambaram alleged that the facts of the case made it clear that the Enforcement Directorate (ED) at the behest of its "political masters is carrying on a vendetta against" the opposition party leaders.

There were no proceeds of the crime in the case and hence there could not be a money laundering case and as such the ED has no jurisdiction in it, the senior Congress leader claimed and asserted that the party will "prevail over the assault".

"The entire Congress party will resist and fight back this political assault on its leaders Sonia Gandhi and Rahul Gandhi. Truth will prevail, justice will prevail, we will prevail," he said.

Defending the Gandhis, Chidambaram said in the conversion of loan to equity that happened in the case of Associated Journals Limited (AJL) and Young Indian (YI), the Congress loaned Rs 90 crore to AJL over a period of 10-12 years. That loan was bought by Young Indian which is irrecoverable, he said.

"Therefore the loan was converted into equity," he said and added it is a well-known instrument employed by the banks.

Recently, Chidambraram said, the Government of India (GOI) converted the liability of Rs 36,000 crore owned by Vodafone India to it, into equity. Now, the Government of India equity in Vodafone India is 48.99 per cent, he said.

"That loan cannot be recovered by the Government of India so two months ago that loan was converted into equity. Why does not the ED file a money laundering case against GOI," he asked.

The Congress leader said the IT department has valued the assets of AJL to Rs 413 crore and questioned from where the Rs 2000 crore figure came as was being alleged.

"That Rs 413 crore is still there. Who has taken it away. If somebody has taken it away, you tell me and I will go and catch him," he said.

Chidambaram said the AJL owned six immovable properties including one in Lucknow that was the only free-hold property while the remaining in Patna, Indore, Mumbai, Panchkula and Delhi are leasehold.

He said there were no money transactions involved as there was no money to be distributed or taken away by anyone.

"Not a single rupee has been taken by YI shareholders or directors since the inception of the company," he claimed. All the four shareholders of Young Indian which is a non-profit company, are senior Congress office bearers, he said Chidambaram that the statements being given against the Congress leaders in media were either out of "ignorance or malice".

The ED had recently filed a chargesheet against Sonia Gandhi, Rahul Gandhi and others before a special court in New Delhi in the National Herald case accusing them of allegedly laundering Rs 988 crore.

The prosecution complaint filed on April 9, under various sections of the Prevention of Money Laundering Act (PMLA), named former Congress presidents Sonia Gandhi and Rahul Gandhi as accused no 1 and 2 respectively. PTI VIT RT

Source: PTI