seedhi Posted November 2, 2009 Share Posted November 2, 2009 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. http://timesofindia.indiatimes.com/india/Madhu-Kodas-money-trail-abroad-unravelled/articleshow/5191120.cmsWhoever propped up Madhu Koda for 2 years should hopefully be punished by the people of Jharkhand for it. Link to comment Share on other sites More sharing options...
Lurker Posted November 2, 2009 Share Posted November 2, 2009 Even by India's standard Jharkhand politicians have taken the cake. The amount of money fellows like Khoda have amassed is simply breathtaking. What bothers me even further is not that politicians like Koda are making an insane amount of money but that he has done it in the name of Adivasis and local population is still foolish enough to support him(them) for it. Link to comment Share on other sites More sharing options...
kabira Posted November 2, 2009 Share Posted November 2, 2009 oh well that does not matter for our fellow indians, they just judge CMs if there was any riots or not when he was in power, rest is immaterial. Link to comment Share on other sites More sharing options...
seedhi Posted November 2, 2009 Author Share Posted November 2, 2009 Even by India's standard Jharkhand politicians have taken the cake. The amount of money fellows like Khoda have amassed is simply breathtaking. What bothers me even further is not that politicians like Koda are making an insane amount of money but that he has done it in the name of Adivasis and local population is still foolish enough to support him(them) for it.Many CMs have amassed more money that Madhu Koda. The reason he is in a soup is because he has no backers left. He was propped up by the UPA and then dumped, so no guardian angels now to protect him from the CBI. In pure corruption terms, many such as A. Raja, TR Baalu and late YSR can easily match Madhu Koda. Though Koda rankles more as Jharkhand is so desperately in need of the money he looted. Link to comment Share on other sites More sharing options...
Desi Cartman Posted November 3, 2009 Share Posted November 3, 2009 Sad thing is that this is just a fraction of his CHORI. Just imagine how much he alone could have done for the state just by NOT taking these bribes :(( Link to comment Share on other sites More sharing options...
mhr123 Posted November 4, 2009 Share Posted November 4, 2009 I remember last year during Kodas administration there was a acute problem of electricity and water suppy in towns like jamshedpur, People used to suffer a lot during summer. Just imagine , people getting only 4 hrs of electricity during peak summer... we had to purchase gensets and invertors... No wonder were the money was going.. *****ing idiots and b@stards.. Link to comment Share on other sites More sharing options...
Dirty_South Posted November 4, 2009 Share Posted November 4, 2009 One of my friend who's in the Aeronautical field,recently visited Jharkhand (Ranchi) for 2 days,he said it is one the WORST places he has ever been to. And these politicians loot so much money :(( .... Will there ever be an end to all this ? Or Are the people also happy that as far as they bribe and get things done there is nothing to worry about ??!! Link to comment Share on other sites More sharing options...
ViruRulez Posted November 4, 2009 Share Posted November 4, 2009 nothing surprising .. that is just a drop in the sea if you consider the total corruption going on in the whole nation :P Link to comment Share on other sites More sharing options...
Lurker Posted November 4, 2009 Share Posted November 4, 2009 Many CMs have amassed more money that Madhu Koda. The reason he is in a soup is because he has no backers left. He was propped up by the UPA and then dumped' date= so no guardian angels now to protect him from the CBI. In pure corruption terms, many such as A. Raja, TR Baalu and late YSR can easily match Madhu Koda. Though Koda rankles more as Jharkhand is so desperately in need of the money he looted. You are making this unneccessarily political. Sure there was a vested interst of the UPA and the ally but are you seriously gonna tell me they are only one doing this kind of horse trading? Politicians in Jharkhand are amassing fortunes which are humongous even by Indian standard. What is specially worrying is that almost always the CM is an Adivasi, which in itself if of course not wrong. However what is wrong is the fact that the politics of the state has effectively ensured noone other than someone from Adivasi background becomes CM. And these folks are the one looting the exchequer. Lets not compare it with a Jayalalitha or Naidu. Those folks atleast had something to show for their lootings, not Jharkhand. What makes it worse, for me personally, is that Jharkhand was created because Bihar was supposedly getting rich at Jharkhand's expense. Turns out not much has changed really except who takes the money. xx Link to comment Share on other sites More sharing options...
seedhi Posted November 4, 2009 Author Share Posted November 4, 2009 You are making this unneccessarily political. Sure there was a vested interst of the UPA and the ally but are you seriously gonna tell me they are only one doing this kind of horse trading?I was just explaining to you why the prosecution is moving swiftly against him. If it is any consolation to you, Madhu Koda has an RSS background. Manipulation of institutions like CBI has been the historical hallmark of the Congress. Politicians in Jharkhand are amassing fortunes which are humongous even by Indian standard.This is simply not true, and I am saying that on the basis of the extent of Koda's corruption revealed. States like Andhra Pradesh, Karnataka etc are flush with money and the extent of corruption in absolute terms is much higher in the rich states (logically). But we do not perceive it as these states are also progressing better. What is specially worrying is that almost always the CM is an Adivasi, which in itself if of course not wrong. However what is wrong is the fact that the politics of the state has effectively ensured noone other than someone from Adivasi background becomes CM.The unstable politics meant that Koda knew that he is not here for long, so why not loot the state as much as possible.And these folks are the one looting the exchequer. Lets not compare it with a Jayalalitha or Naidu. Those folks atleast had something to show for their lootings, not Jharkhand.I agree, there are people like Naidu, YSR, Jayalalitha, Chautala who might have been far more corrupt in absolute terms but they believed that enriching the state will also enrich themselves more so at least the state developed. On the other hand we have Lalu Yadav (during his CM days), who not only looted but also destroyed his state.What makes it worse, for me personally, is that Jharkhand was created because Bihar was supposedly getting rich at Jharkhand's expense. Turns out not much has changed really except who takes the money. xxAdd to that the naxal problem, which is probably to an extent a result of the enormous corruption. Link to comment Share on other sites More sharing options...
triam Posted November 4, 2009 Share Posted November 4, 2009 For laymen like me, the figures are mind boggling, how in the heck can anyone scam 100's of crores, the budget surplus for a state like Maharashtra which has Mumbai is 810 crores, how the heck can a CM of Jharkand scam 100's of crores. Really mind boggling, these guys are surely magicians. Link to comment Share on other sites More sharing options...
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