"Six Rajya Sabha members have already defected towards BJP. By arresting Chidambaram, they want to purchase more leaders," he added.
Senior Congress leader Chidambaram was arrested in the INX Media case last night in the glare of media after over an hour-long drama during which some officials scaled the gates of his residence in Central Delhi to gain entry.
"It was a similar drama when DMK leader Karunanidhi was arrested in the middle of the night by then Chief Minister Jayalalitha. Everyone knows what happened later, the Jayalalitha government fell and we came to power. They (BJP) will face a similar fate," Bharathi said.
Congress leader Su Thirunavukkarasar also accused the BJP of trying to malign Chidambaram's image by arresting him.
"Chidambaram had an anticipatory bail hearing on Friday. He was arrested in a hurry. He even held a press meet yesterday but the police jumped his house and did drama. He has been arrested just to malign his name and image in public. This is a condemnable act," he said.
Earlier today, former Finance Minister's son Karti Chidambaram had said that his father's arrest by CBI was being done to divert attention from the issue of Article 370.
Chidambaram was arrested after he failed to get relief from the Supreme Court over CBI and ED's pursuit of him as the matter was not heard by the court despite repeated efforts of his lawyers.
After his arrest by the CBI from his Jor Bagh residence, Chidambaram, 73, was taken to headquarters of the probe agency. He is likely to be produced before a CBI court at the Rouse Avenue on Thursday.
Earlier, the former Finance Minister made a dramatic appearance at the Congress headquarters in Delhi and addressed a press conference in which he rejected the charges against him and his son in the INX Media case and said "lies" were being spread by "pathological liars."
Rejecting the charges against him and his Karti in the INX Media case, Chidambaram said FIR does not impute any wrongdoing by him and there was no chargesheet either by the CBI or ED before the competent authority.