Found proof of Koda's Rs 400 cr hawala transactions: I-T dept

Discussion in 'Politics & Society' started by RAM, Nov 1, 2009.

  1. RAM

    RAM The southern Man Senior Member

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    Found proof of Koda's Rs 400 cr hawala transactions: I-T dept

    NEW DELHI: Income tax department claimed that it has found evidence of Rs 400 crore hawala transactions linked to former Jharkhand CM Madhu Koda,
    TV reports say.

    Times Now says that this was revealed after the "detailed questioning" of Koda by the I-T sleuths on alleged hawala transactions and investments made by him and his associates.

    The department carried out countrywide searches on at least 70 premises associated with Koda yesterday and seized voluminous documents, computer peripherals and other records pertaining to bank details and investments.

    The department issued notices to Koda and others for "detailed questioning" after the completion of scrutiny of the seized material, official sources said.

    Some questioning at the time of searches was done by tax officials but they were largely cursory.

    The notices were said have been sent under section 131 of the Income Tax Act 1961 which authorises the department to issue summons or to force attendance of any person for being examined on oath or to compel production of books of account and other documents.

    The department yesterday had claimed that its had found evidence of Rs 4000 crore in hawala transaction and investments after searches were conducted at Delhi, Kolkata, Mumbai, Lucknow, Nasik, Ranchi, Chaibasa and Jamshedpur.

    IT authorities added the department will also initiate the unlocking of seized lockers at various places of the former Chief Minister and his associates.

    "Some documents showed about Rs 100 crore in foreign exchange being sent by hawala transactions to Dubai, Thailand and Malayasia," tax officials said after the searches on Saturday.

    The searches were held after the Enforcement Directorate registered a case against Koda and his associates Sanjay Choudhary and Vinod Kumar Sinha on October 9 on charges of making huge illegal investments abroad.

    The ED had filed an Enforcement Case Information Report (ECIR), which is equivalent to an FIR, before the Prevention of Money Laundering Act court in Ranchi against Koda and eight others.

    Koda was chief minister between September 2006 and August 2008. Currently an Independent member of the Lok Sabha, Koda had held the mines portfolio twice in two governments, led by Arjun Munda between 2003 and 2006


    Found proof of Koda's Rs 400 cr hawala transactions: I-T dept - India - The Times of India
     
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  3. bengalraider

    bengalraider DFI Technocrat Stars and Ambassadors

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    Koda is the tip of the iceberg the IT department should investigate the fortunes of all political leaders in the state .Jharkhand has become a state where independent MLA's rule , this is due to the sad state of political parties and politics in the state, which has now led to president's rule. this is because of many factors

    1)Most Jharkhand centric parties have no second rung leadership; i.e apart from sibu soren there is no other national level leader in the JMM, also apart from Babulal Marandi there is no other viable leader in the Jharkhand vikas morcha. the lesser said about the BJP and congress leadership in the state the better . these are plagued with massive corruption and infighting within their parties.

    2)tribal political have dictated that most seats are reserved for SC/ST candidates who are in most cases politically inexperienced and backward.

    3)Most political parties in the state are affiliated to the coal mafia and crime is high.

    4)the presence of Maoists in most of the state's districts does not make things. easier

    all these factors give rise to local strongmen be it madhu koda or enos ekka, the politics in jharkhand is built around the local strongman posting an interesting article on this phenomenon by TOI.

     
  4. prahladh

    prahladh Respected Member

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    When was the last time a politician was sentenced ( & served) in India !
     
  5. RAM

    RAM The southern Man Senior Member

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    Madhu Koda's money trail abroad unravelled


    NEW DELHI: Enforcement Directorate and Income Tax sleuths, on the trail of former Jharkhand CM Madhu Koda, have hit a jackpot. They have uncovered details of transfer of at least $110 million (about Rs 550 crore) to a frontman in Dubai for overseas investments and acquisitions by Koda’s associates.

    The findings are a setback to Koda who has denied doing any wrong, and challenged the agencies to prove the charges against him.

    The breakthrough came when officials seized records of Mumbai-based Balaji Bullion and Retailers, suspected to have been used to transfer at least $10 million to a Dubai frontman, Abdul Bhai. Investigators suspect the firm could have sent as much as Rs 990 crore, sources said.

    Sources believe $100 million (Rs 500 crore) might have also been sent to Abdul Bhai through Mumbai-based contact, Manoj Punamia.

    Tax officials have been able to get a ‘‘confession’’ from Mumbai-based aide Arvind Vyas that he arranged delivery of $1 million to Sanjay Chaudhary — who oversaw Koda’s operations in Dubai.

    Mumbai-based Arvind Vyas has ‘confessed’ that he arranged delivery of $1 million to Sanjay Chaudhary — a key aide of former Jharkhand CM Madhu Koda.

    Both Vyas and Chaudhary are directors of Balaji Bullion and Retailers which has on its board another accomplice of Koda — Vinod Sinha. The concern seems to have been floated specially for the purpose of funnelling the money for investments and acquisitions in Dubai, Liberia and other places.

    The launch of the firm is testimony to the planning that went into managing the flow of money, and has surprised investigators, considering the background of Koda’s aides, Sinha and Chaudhary. Sinha was a milk vendor not long ago, while Chaudhary’s father hawked chewing tobacco on his bicycle till recently.

    Chaudhary had allegedly registered two companies — Cam Pech Manufacturing LLC and Blue Techno — in Dubai which were part of a web of deception that was used for handling Koda’s investments and assets abroad. Vijay Joshi, Vikash Sinha and Dhananjay Chaudhary helped Sanjay Chaudhary with money laundering in Dubai.

    Investigations have brought out evidence of the alleged largescale corruption that flourished under Koda, with former CM and ministerial colleagues along with leading lights of UPA allies — JMM and RJD — milking the political instability in Jharkhand.

    Madhu Koda's money trail abroad unravelled - India - The Times of India
     
  6. Indianrabbit

    Indianrabbit Regular Member

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    He was made CM just because Lalu wanted BJP out of power. Shame on these politicians.
     
  7. RAM

    RAM The southern Man Senior Member

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    Koda made illegal profits even from govt schemes: I-T dept

    If the Income Tax department is to be believed then former Jharkhand Chief Minister Madhu Koda did not spare even government schemes for allegedly making illegal profits for himself.
    The Income Tax department officials, who have been scrutinising the voluminous documents of Koda, alleged that the former Chief Minister had made an investment through his associates in the government-sponsored rural electrification programme in Uttar Pradesh and earned a profit worth Rs 30 crore.

    According to the documents seized during searches at Lucknow, the Income Tax department claimed to have found that Koda through his associates had made straight away profit of Rs 30 crore in a rural electrification contract worth Rs 150 crore in Lucknow.

    The IT officials said Koda had also made an investment worth about Rs 22 crore in a leading glass manufacturing company - Indo Asahi - which they claimed to be a part of his
    alleged illegal wealth accumulated during his tenure as Minister and later as Chief Minister.

    http://www.indianexpress.com/news/koda-made-illegal-profits-even-from-govt-schemes-it-dept/536691/
     
  8. sob

    sob Moderator Moderator

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    Refuge for the Politician

    You do not have to be a genius to answer this question-- Where does a politician go when the CBI/It is hot on his heels --- Hospital ,, yes that is correct.

    The most healthy specimens will suddenly develop chest pain or some other mysterious illness and scores of more than willing doctors immediately admit them to hospital.

    IIRC when Lalu Yadav had to go to Beur Jail he developed some symptom and got admitted to the Hospital, where he was so dilligently served by his supporters that when he was discharged he had gainsed 2-3 Kg weight.

    Now his one time nominee has done a similar thing, the moment things got hot Mr.Madhu Koda ( Only his name is sweet, otherwise activities leave only a bitter taste in the mouth), has got himself admitted in the hospital complaining of severe tummy ache!!

    Koda in hospital, sleuths in town to question him- Hindustan Times

     
  9. RAM

    RAM The southern Man Senior Member

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    Koda man was eyeing SEZ for Rs 4800cr

    NEW DELHI: The scale of the "great Jharkhand scam" is becoming bigger by the day.Investigators tracking alleged money laundering by Madhu Koda have found documents that show that one of the frontmen of the former chief minister was in a serious negotiations to acquire an SEZ in Noida for a staggering Rs 4,800 crore, to be paid in euros.

    Officials of Income Tax and Enforcement Directorate are still trying to ascertain the source of money that was kept in euro denomination, amounting to around 70 crore euros.

    Sources said Mumbai-based Manoj Punamia was negotiating with officials in Uttar Pradesh. Investigators are yet to acquire details about the modalities of the transactions and who on behalf of the UP government was negotiating with Punamia or whether a third party was involved.

    Punamia is familiar to investigators, having been identified as the person behind transfer of $110 million to one Abdul Bhai in Dubai through hawala and legal channels. His premises were among the 70-odd places that were searched by I-T and ED officials on Saturday.

    The size of the alleged deal can help better estimate the amount of money that changed hands as the chief minister and his associates awarded high-value mining leases to industrialists and their own contacts.

    Sources said a chartered accountant. Naredi, hired by Binod Sinha, the most trusted of Koda's allies, has admitted to having invested Rs 50 crore in concerns here and abroad for the Koda cartel.

    Naredi said he had shown the amount as having been loaned from unsecured creditors in different firms Binod Sinha had floated.

    I-T and ED officials, satisfied with the progress of investigation, questioned a "seriously ill" Koda on his hospital bed in Ranchi. They also served summons on him to appear before ED for questioning on November 11.


    Koda man was eyeing SEZ for Rs 4800cr - India - The Times of India
     
  10. tarunraju

    tarunraju Moderator Moderator

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    Unfortunately, not all politicians are dealt with in the same way. If all Indian politicians are stripped of the money they swindled off the tax payers, we can electrify every village, build hundreds of thousands of schools, interconnect all our rivers, 4~6 lane every state and national highway (wherever the terrain permits), build three to four 10 GW neuclear power plants, outdo the Chinese at infrastructure in areas bordering it, jumpstart a full-fledged semiconductor industry, and buy enough equipment to look PLA in the eye, all at the same time.
     
  11. RAM

    RAM The southern Man Senior Member

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    Under scanner, Koda becomes a hot potato

    NEW DELHI: Former Jharkhand chief minister Madhu Koda seems to have turned into "radioactive material" for all political parties in the poll fray after a huge scam worth thousands of crores involving him is still unfurling.

    The big contest among the parties now is to prove the greatest distance from Koda, as opposed to a scenario when he was the most sought after MLA, who was ready to switch sides and provide for the numbers in the 81-member assembly.

    If BJP has been pointing fingers at Congress and Lalu Prasad's RJD saying both parties were part of the loot that Koda had amassed, Lalu has called it a "ridiculous" charge and Congress pointed out that the action against Koda was initiated by the Congress-led government at the Centre.

    "The probe agencies should now also focus on former Bihar chief minister Lalu Prasad and Congress as they are equally responsible for the black money earned by Koda," BJP leader Mukhtar Abbas Naqvi told reporters here.

    When contacted, Lalu said, "I don't pay any attention to such irresponsible statements by BJP leaders who have tried to tarnish my image and falsely implicated me in the multi-crore fodder scam. It is ridiculous."

    Naqvi said if the ambit of the investigations was broadened, then the role of Lalu, Congress and "some others" would come out in the open.

    When reminded that Koda was mines minister in the Arjun Munda government in Jharkhand, Naqvi said the BJP had removed him when the party came to know that he was involved in alleged corrupt practices. "But Congress made him the chief minister," he added.

    The RJD chief said, "If BJP is at all interested in a probe, Munda should also be brought under the scanner as under him Koda was a minister and had supported and saved his government."

    Union minister and Congress leader from the state Subodh Kant Sahay refuted all charges against his party on this account by saying it was the Congress government which "initiated the probe against Koda", implying that it would not have done so if it were involved with the scam.

    AND ALSO

    RANCHI: Income Tax sleuths on Thursday made it clear that former Jharkhand chief minister Madhu Koda will be arrested as soon as he is discharged

    The Enforcement Directorate (ED) and I-T department have also directed the ARA Memorial Weaver's Hospital in Ranchi, where Koda is recuperating, not to release him without informing them.

    Koda, who got himself admitted to the ICU of the hospital, has been shifted to a room. "We have been directed by both the IT and ED to inform them about his health bulletin and also tell them before we discharge Koda," P D Sinha, Medical Superintendent of the Abdur Razzak Weavers' Memorial Hospital, Appollo Group, said today.

    "He was shifted from the ICU to a room in the ward around noon. He still has slight pain in his stomach," the medical superintendent said. Earlier, the I-T department sealed Koda's house in Ranchi.

    The ED had also issued a summons to Koda and seven of his aides in connection with alleged hawala transactions. Koda and his aides have been directed to present themselves before the directorate on November 9, 10 and 11.

    An ED team from Delhi had earlier arrived in Ranchi to obtain documents on the alleged hawala transactions carried out by Koda and his associates. It intends to obtain material evidence and documents seized by the income tax department and source information from the records of the tax searches against Koda and others.

    After witnessing nationwide raids for three days to unearth the assets of the former Jharkhand chief minister and his associates, Koda had on Tuesday complained of a pain in his abdomen, giddiness and vomiting. He was admitted to Intensive Care Unit (ICU) of Apollo Hospital in Ranchi.

    The I-T department has set November 6 as the deadline for six of Koda's alleged aides to appear before it to explain certain transactions and events. They have been told that if they fail to appear, they will be liable for legal action

    Madhu Koda faces arrest on discharge from hospital - India - The Times of India
     
  12. IBM

    IBM Regular Member

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    Dear all, these so called pollitician is just small fish in pond. There are poliitticans, if u see there assest u will die of shock. It's sad, that corrution is India biggest enemy. We need taliban rule for one year in India. LASH these politiians 100 times and then hang them in public, so that other don't dare to do. These things braking India's ambitions to be world super power.
     
  13. RAM

    RAM The southern Man Senior Member

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    Koda may face narco test

    Former Jharkhand Chief Minister Madhu Koda, allegedly at the centre of a Rs. 2,500-crore money laundering scam, may be arrested and put through a narco test, sources in the Enforcement Directorate (ED) indicated on Friday.

    “Koda and his associates are buying time to delay the investigation. After formally arresting him, the ED can move court seeking his narco test. There is another option of a lie detector machine. Before formal arrest, the IT could use a lie detector machine to interrogate Koda,” an informed source told IANS.

    Mr. Koda is a Lok Sabha MP from Singhbhum.

    “We will interrogate Koda,” said Ujjwal Choudhary, Director, Income Tax (IT), investigations. When asked about a possible narco test, he said: “The ED will take action.”

    Anjani Kumar, Director General of IT, investigation, had said four days ago Mr. Koda was not cooperating fully in the investigation.

    When IT and ED officials intensified their interrogation, Mr. Koda got admitted to a hospital complaining of a stomach ache and high blood pressure. He was, however, shifted to the general ward from the ICU on Thursday.

    According to doctors, his condition is stable and he could be discharged soon. ED officials have asked the hospital to keep them informed about Mr. Koda’s health and not discharge him without their knowledge. ED officials are keeping a close check on the movement of people around Mr. Koda.

    The two key associates of Mr. Koda, Binod Sinha and Sanjay Chaudhary, did not appear before IT officials on Friday. The IT department on Nov. 2 had asked six people, including the two, to appear before them for interrogation. (According to PTI Mr. Binod Sinha’s brother Vikas Sinha was arrested by the ED on Friday for his alleged role in hawala transactions and illegal investments.)

    ED has also initiated the process to arrest Mr. Binod Sinha and Mr. Chaudhary. They could also face a narco test if arrested.

    The ED has allegedly unravelled illegal transactions worth Rs 2,500 crore, including Rs 550 crore sent to places like Dubai, Thailand, Liberia and Malaysia, through hawala or money laundering channels.

    On Wednesday, Income Tax officials sealed Mr. Koda’s residence partly. They seized four rupee counting machines, investment documents, cash, jewellery, a laptop and computer hard disk, sources said.

    The Income Tax department and ED have conducted raids at 70 places in eight cities in connection with corruption allegations.

    On October 9, the ED lodged a case under the Prevention of Money Laundering Act (PMLA) against Mr. Koda and three former ministers Kamlesh Singh, Bhanu Pratap Shahi and Bandhu Tirkey as well as his associates Mr. Binod Sinha and Mr. Chaudhary.

    The Hindu : News / National : Koda may face narco test
     
  14. tarunraju

    tarunraju Moderator Moderator

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  15. RAM

    RAM The southern Man Senior Member

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    Under Koda’s watch, aide invested in 5 mines abroad: I-T

    As the Enforcement Directorate closed in on former Jharkhand Chief Minister Madhu Koda — the Jharkhand High Court on Thursday directed the state to produce a progress report on November 12 on the Vigilance probe into the disproportionate assets case against Koda and some of his former cabinet colleagues — investigations by the Income Tax department have uncovered that during his less than two-year stint as CM, his close associate Sanjay Kumar Choudhary invested in five mines abroad. Koda was Chief Minister from September 2006 to August 2008.


    The pattern of ownership, the share held by Choudhary and the quantum of reserves in these mines are not known. But in a May 19, 2008 letter to the Managing Director of National Bank, Dubai, Choudhary, Managing Director of Dubai-based Blue Techno Project FZCO, transferred five lakh Dirham (one UAE Dirham is roughly Rs 12) from his current account 0153662065 to The Clean Energy Company (CEC), account number 0151595435.


    A file seized by Income Tax and handed over to the Enforcement Directorate for scrutiny revealed that the Blue Techno Project FZCO had purchased “P T Gunung Bara Coal Mine, 66 km by road from the jetty and 340 km from jetty to anchorage point Muara Jawa, near Thailand” from CEC.



    “Over 50 per cent work of road development is completed. Jetty/port construction is in progress. Commencement of production within six months. Excellent coal seams of thickness as high as seven metres. GCV 5300-5400 with sulphur less than one per cent,” states the same file. This mine, according to the file, is estimated to have 100 million tonnes of coal worth US $ 5,000,000,000.


    Meanwhile, people who knew Choudhary — apart from a bungalow near Dimna Lake in Tatanagar, he is said to have flats and malls in Dubai — still remember how his father Jai Narayan used to cycle door-to-door, selling khaini (tobacco) to make ends meet. ¿After Choudhary came in contact with Kodaji through close aide Binod Sinha, lady luck smiled on them,¿ said his neighbour Ajay Kumar.

    Koda, Choudhary and Sinha are among eight persons being probed by the ED under the Prevention of Money Laundering Act. Notices served on them by the ED require them to appear before the directorate.

     
  16. RAM

    RAM The southern Man Senior Member

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    NEW DELHI: The ingenuity of Madhu Koda and his associates continue to surprise investigators probing what is being referred to as the Great Jharkhand Robbery. For all his claim to be a humble tribal, Koda and his men not only had the smarts to acquire mines in Liberia and Thailand, they also knew how to spirit away the money they allegedly made by handing over mining leases to different corporates to banks in Switzerland.

    Officials from Enforcement Directorate (ED) and Income Tax (I-T), who are on the probe, have found details of accounts where they are suspected to have hoarded money. More importantly, they have also located the bullion trader from Mumbai's Zaveri Bazar who was their conduit to Swiss banks, trusted by corrupt rulers across the world for their secrecy.

    The discovery of the Swiss dimension of the Jharkhand Loot coincided with the arrest of Vikas Sinha, one of Koda's accomplices. Sinha, younger brother of key Koda aide Binod, was arrested in Ranchi on Friday. Sources said Vikas admitted to carrying Rs 40 crore to Binod's chartered accountant S K Naredi -- a claim that was vehemently denied by the accused. Vikas, who has been remanded to judicial custody for 14 days, alleged that he was coerced into signing documents about which he knew nothing.

    Importantly, Naredi is also Koda's chartered accountant, and is suspected to have cooked books to help the former chief minister acquire sponge iron and rolling mills in Jharkhand.

    Vikas is considered to be the first of the catches that the ED and Income Tax want to net before moving on to Koda himself. Others who may be picked up soon are Binod and Sanjay Chaudhary.

    While lookout notices have been put out for them, the focus of the probe from now shifts to the Swiss connection of the Koda group. The investigation has also exposed that even PSU banks were not carrying out due diligence for checking the source of extraordinarily huge cash deposits.

    Sleuths have found that Zaveri Bazar branch of Union Bank of India failed to find anything amiss about Rs 61 crore that the Koda cartel deposited with it. The whole transaction took place in the space of less than 30 days -- between March 2 and March 31, 2007 -- and should have set off alarm bells claimed to have been installed in the aftermath of 9/11 terror attack.

    The timing of the transactions is also significant and shows that Koda did not waste much time after he, helped by political uncertainty and a group of Independents, manoeuvered his way into the chief minister's office in September 2006.

    Officials found out about the huge account during a search of the premises of Manoj Punamia, an associate of Koda, whose Balaji Bullion and other companies were central to money laundering by Koda and his group.

    Sources claimed that investigators had found that one of Punamia's companies -- Balaji Universal Trade -- had a turnover disproportionately huge to its size -- $350 million. One deal alone was worth $55 million in cash.

    The Balaji group of companies floated by Koda's associates had transferred $100 million using hawala route. Significantly, it also transferred at least $10 million to a Dubai frontman through legal channels in what could be a step to gradually legitimise the illicit overseas operations.

    Another group firm -- Balaji Bullion -- had alleged transactions worth Rs 990 crore, it was found during initial probe. Three of the directors in Balaji Bullion were Binod Sinha, Sanjay Chaudhary and Arvind Vyas, all associates of the former Jharkhand CM.

    Post-9/11, stringent measures had been deployed globally, including stiff due diligence procedure applied on banking channels in India to ensure that any dirty money infiltrating the system did not went undetected. All suspicious high-value transactions are supposed to be reported within a week to the Financial Intelligence Unit which after filtering them sends for further investigation to relevant intelligence agencies.

    In this case, it seems the accused indulged in money laundering in a big way using both the banking channels and illicit hawala means hoodwinking the due diligence mechanism and intelligence agencies.

    Koda put in Rs 61cr in 1 month in Mumbai bank - India - The Times of India
     
  17. RAM

    RAM The southern Man Senior Member

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    Koda & co even tried to lease uranium mines in South Africa


    Investigators probing the alleged involvement of former Jharkhand chief minister Madhu Koda in a Rs 2,200-crore illegal assets case have found that his associates had paid a fee to the South African government for buying uranium and gold mines in end-2008.

    Documents seized during the recent nationwide raids by the income-tax department and the Enforcement Directorate reveal that Koda’s associates, including Sanjay Chaudhary, had applied for the mines and paid the fee to the South African government when the ‘expression of interest’ was called for allotting them.

    “The money was sent to South Africa from Dubai, where a large amount was stashed away by the gang through the hawala (illegal foreign-exchange transactions) route,” a top IT officer who did not want to be identified told Hindustan Times.

    The income-tax department had approached Google and other email service providers to authenticate several messages showing illegal transactions between Koda’s associates and an international hawala cartel. All computers seized during the raids have been sent for forensic examination.

    From Monday, the investigators will shift their focus to Mumbai. “All the ill-gotten cash collected by the gang from across Jharkhand was first taken to Mumbai,” the officer said.

    “It was then stashed away across the world, including in countries such as Dubai, Thailand, Indonesia and South Africa, or put in different projects in India,” the officer said.

    IT officials will also investigate the illegal money transfers made between Koda’s associates and the Mumbai-based Balaji group.

    The IT officer said Koda’s associate Binod Sinha was the scam’s “kingpin” as he used the former CM for collecting money from the private parties that wanted mining leases in Chaibasa (famous for iron ore mines) and Dhanbad (known for coal mines), and other contracts in the state.

    “Sinha, who ran a small tractor-parts shop before Koda became chief minister, decided who would get the contracts and mining leases -- and not Koda,” said the official. “The order did not come from the top, but went from down to the top.”

    Koda, who is recuperating in a Ranchi private hospital, could not be discharged on Saturday as he had a stomach upset

    Koda & co even tried to lease uranium mines in South Africa- Hindustan Times
     

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