7.11.09

Koda's 4000 crore: The first arrest


Madhu Koda has managed to avoid being arrested for another day. He spent Friday in hospital recovering from the stomachache that he was hospitalised for earlier this week, when he was accused of corruption.

The officials heading the investigation against him have made it clear that the former chief minister will be arrested the minute he's discharged. In the meantime, on Friday, they've arrested Vikas Sinha, whose brother, Binod Sinha, was one of Koda's right-hand men, and is now missing. That apparently involved helping Koda to collect assets worth 4000 crores, mainly by serving as a front for him.  While being arrested, Vikas denied that he helped his brother launder Koda's money, "These people are forcing me to accept things I haven't done."

Also missing, along with Vikas' brother, is another key Koda associate, Sanjay Chaudhury. Like Binod Sinha, he was given till Friday to surrender, or face legal action.

Sources say Koda began building his empire when he was made Minister of Mines in the mineral-rich state of Jharkhand. He nurtured that empire with much attention when he took over as Jharkhand's chief minister in 2006, they add, based on documents recovered from his house and from offices across the country linked to Koda. Thinking big seemed to guide Koda and his men. Today, between them, they reportedly own swanky hotels, and mines in different parts of the world.

Koda's Personal Secretary was questioned on Friday. The case could see even more action on Saturday once Koda leaves hospital

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