Madhu Koda's money trail abroad unravelled

NEW DELHI: Enforcement Directorate and Income Tax sleuths, on the trail of former Jharkhand CM Madhu Koda, have hit a jackpot. They have 
uncovered details of transfer of at least $110 million (about Rs 550 crore) to a frontman in Dubai for overseas investments and acquisitions by Koda’s associates.

The findings are a setback to Koda who has denied doing any wrong, and challenged the agencies to prove the charges against him.

The breakthrough came when officials seized records of Mumbai-based Balaji Bullion and Retailers, suspected to have been used to transfer at least $10 million to a Dubai frontman, Abdul Bhai. Investigators suspect the firm could have sent as much as Rs 990 crore, sources said.

Sources believe $100 million (Rs 500 crore) might have also been sent to Abdul Bhai through Mumbai-based contact, Manoj Punamia.

Tax officials have been able to get a ‘‘confession’’ from Mumbai-based aide Arvind Vyas that he arranged delivery of $1 million to Sanjay Chaudhary — who oversaw Koda’s operations in Dubai.

Mumbai-based Arvind Vyas has ‘confessed’ that he arranged delivery of $1 million to Sanjay Chaudhary — a key aide of former Jharkhand CM Madhu Koda.

Both Vyas and Chaudhary are directors of Balaji Bullion and Retailers which has on its board another accomplice of Koda — Vinod Sinha. The concern seems to have been floated specially for the purpose of funnelling the money for investments and acquisitions in Dubai, Liberia and other places.

The launch of the firm is testimony to the planning that went into managing the flow of money, and has surprised investigators, considering the background of Koda’s aides, Sinha and Chaudhary. Sinha was a milk vendor not long ago, while Chaudhary’s father hawked chewing tobacco on his bicycle till recently.

Chaudhary had allegedly registered two companies — Cam Pech Manufacturing LLC and Blue Techno — in Dubai which were part of a web of deception that was used for handling Koda’s investments and assets abroad. Vijay Joshi, Vikash Sinha and Dhananjay Chaudhary helped Sanjay Chaudhary with money laundering in Dubai.

Investigations have brought out evidence of the alleged largescale corruption that flourished under Koda, with former CM and ministerial colleagues along with leading lights of UPA allies — JMM and RJD — milking the political instability in Jharkhand.
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SC judges declare assets on website

NEW DELHI: Two months after the Supreme Court, faced with demands and growing pressure from within, resolved to make public the assets and 
liabilities of its judges, the details were put up on its official website.

The significant step towards transparency was marked by some surprise revelations — one of the judges doesn’t own even a two-wheeler, while another has a Yamaha motorcycle as his sole vehicle. There are details of land, houses, investments in shares and flats as well.

Chief Justice of India K G Balakrishnan owns land in Kerala and Faridabad in Haryana besides a house and a flat. Interestingly, however, he has no fixed deposit or investment in shares. 

In contrast, Justice S H Kapadia, the No.2 in the apex court who is in line to be the next CJI, has the bulk of his investments — Rs 22 lakh of a total of Rs 40 lakh — in shares. The rest is invested in mutual funds, fixed deposits and Provident Fund. The diverse portfolio is in keeping with Justice Kapadia’s reputation of being conversant with matters of finance.

All the judges, except Justice H S Bedi who has been out of the Capital because of bereavement, have posted their assets on the website.

The website also mentions the assets of Justice B N Agrawal even though he retired on October 10. He made a request for including his declaration, arguing that being party to the August 28 decision of the Full Court to disclose assets, he was obliged to do so.

In many cases, lists of assets, liabilities and investments are exhaustive, with the judges disclosing to the last detail jewellery and the latest value of shares in their possession. In other cases, however, the declarations are vague.

The judges had opposed the demand of disclosure, arguing that declarations could make them susceptible to harassment through frivolous litigation. The Supreme Court even opposed in Delhi High Court the January 6 order of the Central Information Commission asking the SC Registry to provide information whether judges declared their assets regularly or not.The stance changed after two HC judges came out in the open to argue for disclosure, leading to the decision by the Full Court meeting on August 28.

A note of caution for those who may rush to conclusions on the riches of judges. Most of them were successful lawyers who earned a lot as senior advocates before joining the Bench from the Bar.

The CJI and his wife own gold jewellery weighing about 20 sovereigns and a 2000 model Santro but hold no shares in any company. He has no fixed deposits. But while he may possibly be the poorest of the lot when it comes to hard cash, the CJI does have decent land holdings. He owns over 12 acres in Kanayanoor taluk (Ernakulam) in Kerala, besides family property worth Rs 3.5 lakh in Vaikom taluk, a two-bedroom flat in Ernakulam and a plot in Faridabad measuring 444 sq yards. His wife owns property in Kottayam.

Justice Kapadia, who does not own a vehicle, appears to be meticulous with his investments, worth over Rs 40 lakh, the bulk in shares. The judge also has property worth Rs 20 lakh in Mumbai and has zero liability. His wife has shares worth Rs 19 lakh at present value. Besides, she has other investments worth over Rs 13 lakh.

Justice Tarun Chatterjee owns one building in Kolkata and a two-third share in ancestral property. He and his spouse own 46 pieces of gold, diamond and pearl jewellery, while FDs and PPF amount to Rs 3.1 lakh. He has two cars, a Chevrolet Tavera and a Honda Civic, and outstanding liabilities of Rs 7.5 lakh. 

Justice Altamas Kabir owns a house in Kolkata’s Salt Lake worth Rs 30.75 lakh. He and his wife possess 127.25 grams of gold and FDs and PPF worth Rs 43.97 lakh.

Justice R V Raveendran appears to be in favour of investing his money in real estate. He owns four residential and an office plot in Bangalore, while his wife has one-fifth share in three commercial properties in the city. She would also be the envy of wives of other judges as she owns 370 grams of gold jewellery, besides 12 carats of diamonds and five kilos of silver.

Justice B S Chauhan has one-third share in two ancestral residential properties in Muzaffarnagar, one-third share in agricultural land (200 bighas) and a residential building in Sector 15-A, Noida. Besides, he has investments worth Rs 9 lakh in Reliance (as mentioned in the declaration), Rs 3 lakh in HDFC, Rs 2 lakh in ABN Amro and Rs 20 lakh in PF.

Justice P Sathasivam has declared that he owns a 1989 Yamaha motorcycle. He also owns a residential plot in Chennai with a market value Rs 45,000.

In addition, he has 12.49 acres of agricultural land. His wife owns five acres.
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