Madhu Koda Faces Income Tax Interrogation

Madhu KodaToday, the income tax departments squabbled that it has found confirmation of Rs 400 crore hawala transactions linked to former Jharkhand CM Madhu Koda. Yesterday, the department had seized huge documents, computer peripherals and other records pertaining to bank details and investments, after the thorough search on about 70 premises allied with Koda.

Moving further with the questing done by tax officials previously, the department will continue with the notice for "detailed questioning" to Koda.   

Being the first former Chief Minister to have been booked under the Prevention of Money Laundering Act, there are increasing possibilities of Koda arrest before Assembly elections on Nov. 25. The department stated that Koda owned almost 60 properties in cities like New Delhi, Mumbai and Calcutta, followed with the properties located in Lucknow, Nasik, Ranchi, Chaibasa and Jamshedpur.

Denying the charges, Koda claims that he is a victim of political grudge. While came into view the two acquaintances who evidently shipped out over $10 million to UAE, Thailand and Malayasia through hawala agents, two of whom, Lalit Jain and Arvind Vyas, were being questioned in Mumbai. The income tax department positioned that raid would reach out to out to his alleged associates, Sanjay Chaudhary and Binod Sinha within 24 hours.

“It appears there were unaccounted money transactions when Koda was mines minister in the Arjun Munda government and subsequently during (his) chief ministership”, said Ujjwal Choudhar, the director of investigation.

Also skeptical about the turnover of three relatively new companies floated by Sinha in the name of Balajee Group shot up to a overwhelming Rs 1,200 crore to Rs 1,300 crore in last one and half year. “Transactions in these companies were made through cash as well as cheques”, said Ujjwal Choudha.

The director of investigation affirmed the successful raid as the department’s own intelligence inputs.