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[aryan]

NEW DELHI: Government is set to confiscate assets worth Rs 125 crore allegedly belonging to former Jharkhand chief minister Madhu Koda who has been jailed on corruption charges.

As a prelude to the confiscation, Enforcement Directorate has started attaching Koda's alleged properties under the Prevention of Money Laundering Act (PMLA).

Koda will have the dubious distinction of being the first politician to have his property attached under PMLA.

Assets worth Rs 100 crore in India and nearly Rs 125 crore worth of properties abroad, including UAE, has been identified as belonging to Koda and his associates. Properties in Mumbai and Bihar will be attached in the next few weeks. Earlier, the adjudicating authority had held ED's attachment proceedings valid and upheld all its findings.

"We are awaiting replies to Letters Rogatories (LRs) sent in the case to countries like UAE, Sweden, Thailand, Indonesia and Liberia to probe illegal investments in this case," said Prabhakant, head of ED's Delhi Zone who is supervising the case.

In October 2009, Koda and three of his former cabinet ministers were booked under PMLA which was followed by nationwide raids by ED and Income Tax department. The raids focused on Jharkhand and Bihar besides Mumbai, Kolkata and Delhi where the accused had alleged investments running into hundreds of crores.

Koda and four other Independent MLAs exploited the stalemate in Jharkhand assembly to corner the chief ministership and other portfolios. Supported by UPA partners, the group of Independent MLAs generously, it is alleged, offered mining leases and other facilities in exchange for bribes which were later used to acquire assets within the country and outside it.

Investigating officer Rajeshwar Singh said the adjudicating authority had held all assets belonging to Koda's associates as that of his own and linked it to him which helped the agency to attach all properties. Once investigation is complete on overseas assets, properties belonging to the accused will be attached in foreign countries. Dhananjay Chaudhary and Sanjay Chaudhary, close aides of Koda, had several properties in Dubai and other countries.

The ED had earlier found that Koda's frontmen had made investments in Singapore, Thailand, Dubai and Liberia with business interests spread across several sectors running into more than Rs 300-400 crore.

Koda's other former cabinet colleagues who have been booked under PMLA and are currently behind bars include Bhanu Pratap Singh, Bandhu Tirki and Kamlesh Singh. Their assets too, claimed ED, ran between Rs 20-50 crore each.

Properties attached include those allegedly owned by Koda's associates like Binod and Vikas Sinha, who are in judicial custody.

The ED had on March 4 filed a chargesheet in a special court in Ranchi against Koda, accusing him of amassing illegal wealth of over Rs 1,340 crore in connivance with four of his close associates, including the owner of a Mumbai-based bullion firm.