Madhu Koda set up fictitious companies

A day after his arrest under money laundering charges, former Jharkhand chief minister Madhu Koda is now facing allegations of operating fake companies, I-T sources claimed on Tuesday. As per I-T officials, Koda carried out transactions worth hundreds of crores in these fictitious companies. He also deposited huge amount of money in the bank accounts of his close aide Manoj Punamia from these companies.
One such company Balaji Bullion exists only on paper and is also said to be a fake company, according to I-T sources. Balaji Bullion was said to be a part of Balaji group headed by Koda’s front man Punamia. The Income Tax and Enforcement Directorate sleuths are expected to start investigating Koda soon. Several IAS officers of secretary and additional secretary level are also being probed in the multi-crore scam. Madhu Koda was arrested on Monday from Chaibasa district in Jharkhand by the local authorities and is expected to be handed over to ED would seek approval from a Jharkhand court and then bring him to national capital. The 38-year old leader was dodging the probing authorities for months on the grounds of health and the ongoing Jharkahnd Assembly elections.
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