Money laundering case: Koda's bail petition rejected

ED had accused Koda of making illegal investments worth Rs 1,340 crore

PTI | October 1, 2012



Jharkhand High Court Monday rejected a bail petition moved by former chief minister Madhu Koda in a money laundering case against him pertaining to Rs 1,340 crore.

Justice H C Mishra, who had on Friday reserved the order, dismissed the petition after the counsel of the Enforcement Directorate objected the petition on the ground that there was direct involvement of Koda in the case.

Koda contested that only Rs 20 crore was detected by the probing agency and how could the case sustain to the tune of Rs 1,340 crore and that he was not related, directly or indirectly, in the case.

On September 25, charges had been framed in the court under Section 4 of the Prevention and Money Laundering Act, 2002 pertaining to a total of Rs 3,549.72 crore.

Out of the total amount, the ED had accused Koda of making illegal investments worth Rs 1,340 crore and the rest by the other five accused.

Koda is in judicial custody from November 30, 2009 following the October 31, 2009 countrywide raids by ED and IT on 69 premises.

Comments

 

Other News

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Modi inaugurates, lays foundation stone of Pune Metro projects

Prime minister Narendra Modi inaugurated and laid the foundation stone for Pune Metro projects worth around ₹21,800 crore on Tuesday through video conferencing. Addressing the gathering on the occasion, the PM extended warm Diwali greetings to the people of Pune and Maharashtra and remarked that f

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter