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ED, I-T sleuths find clinching proof against Madhu Koda |
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11.3.2009 |
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NEW DELHI: Officials of the income-tax department and Enforcement Directorate have uncovered what could be clinching documentary evidence linking
former Jharkhand chief minister Madhu Koda to an international money-laundering scam.
During raids on the residence of Mr Manoj Punamia, in Mumbai, officials found document pertaining to hawala transfer of Rs 500 crore ($100 million) through ‘Abdul bhai’ in Dubai. Sources said that Mr Punamia was working at the behest of Mr Sanjay Chaudhary , a known associate of Mr Koda. Additionally , raids at the premises of Balaji Bullion produced documentary trail for a transfer of Rs 50 crore ($10 million) to Dubai. Known associates of Mr Koda, Mr Binod Sinha, Mr Arvind Vyas and Mr Sanjay Chaudhary are directors in this company.
Searches were conducted following a disproportionate assets allegation against Mr Koda and his associates. The enforcement directorate registered a case against Mr Koda and his associates Sanjay Chaudhary and Binod Kumar Sinha on October 9 on charges of making huge illegal investments abroad. The investigations led to the I-T department raids on Mr Choudhary and Mr Sinha, which in turn triggered off nation-wide raids at 70 premises across nine cities.
IT officials claimed that they found evidence of Rs 2,000 crore in hawala transaction and illegal investments. Searches were conducted at premises in Delhi , Kolkata, Mumbai, Lucknow, Nasik, Ranchi, Chaibasa and Jamshedpur.
In 2007, Mr Chaudhary, a tractor mechanic with property worth Rs 200 crore in and around Ranchi, set up two companies in Dubai — Cam Pac Manufacturing LLC and Blue Techno. These companies are understood to have undertaken investments of Mr Koda in steel and mining operations in Thailand , Liberia, Malaysia, Hong Kong and South Africa.
Evidence of investment of nearly Rs 8 crore in mining interests by the Dubai based company have also been found.
Mr Koda’s other associate Binod Sinha is said to be a director of three firms in Mumbai and their transactions in the last one-and-a-half years were to Balaji Bullion Corporation (Rs 360 crore), Balaji Bullion Bazar (Rs 990 crore) and Balaji Bullion Commodities (Rs 100 crore). IT officials have also seized documents worth Rs 550 crore sent through hawala to Dubai, Thailand, Malaysia and African countries. Interpol help might be sought to probe the case.
As the I-T department carried out its multi city raids, Mr Koda was interrogated on camera by officials over the weekend . I-T sources said that Mr Koda has provided information about investments made at different places, the network used to invest money and people involved in the illegal transaction.
For a third day, incometax department officials continued raids at more than 100 residential premises and companies in Ranchi, Jamshedpur, Chaibasa, New Delhi, Mumbai, Kolkata, Lucknow and Ghaziabad among other places. The houses of chartered accountants of Messrs Sinha and Chaudhary in Ranchi and Jamshedpur have also been searched. Day and night searches are expected to be conducted over the next two to three days.
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Source:economictimes.indiatimes.com |
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