The multi-crore hawala scam, involving former Jharkhand chief minister Madhu Koda and his former Cabinet colleagues, may be handed over to India’s premier investigating agency Central Bureau of Investigation (CBI).
According to sources, the agencies investigating the case — Enforcement Directorate (ED) and the Income Tax — have been able to collect credible evidence revealing that Koda and his associates have allegedly invested more than Rs 325 crores in Liberia and Singapore.
“CBI probe into the matter is expected to be recommended very soon by the state administration. Recently, a court in Ranchi issued fresh letters rogatory (LR) to the UAE on the request of the ED. The fresh LR was issued to the UAE, when the ED investigation revealed that a close associate of Koda reportedly diverted state funds to the tune of Rs 270 crores using hawala channels in Dubai”, sources said.
Further investigation of Central agencies has revealed that Koda’s associates have also invested Rs 325 crores in Liberia and Singapore, sources said, adding that following the latest revelations, the state administration is now planning to hand over the case to the CBI.
Two Mumbai-based businessmen are also under the scanner of the investigating agencies for helping Koda and his associates in transferring the funds to Liberia and Singapore through hawala channels, sources added.
“A detailed investigation of documents recovered from Koda’s associates from Mumbai and Pune has revealed that, apart from Rs 270 crores, former CM and his frontmen also invested Rs 325 crores in Liberia and Singapore. Officials who are investigating the case have found credible evidence of the investments to that amount,” sources said.
Sensing the gravity of the scam, the state administration is planning to hand over the case to the CBI, they added.
Koda and his associates allegedly invested around Rs 55 crores in two projects and another Rs 102 crores in Jumeirah village in Dubai, sources added. Besides, investigation revealed that Koda associates had also made investments at Deema in Dubai.
In December 2009, the LRs had been issued by the Ranchi court to Sweden, Indonesia, Liberia, Thailand and the UAE against Koda’s associates, Binod Sinha and Sanjay Choudhury.